Section 12
Borrowing and investment.
The Advocates' Welfare Fund Act, 2001
About this Act
An Act to provide for the constitution of a welfare fund for the benefit of advocates and for matters connected therewith or incidental thereto.
(1) The Trustee Committee may, with the prior approval of the
appropriate Government and the State Bar Council, borrow, from time to time, any sum required for
carrying out the purposes of this Act.
(2) The Trustee Committee shall deposit all monies and receipts forming part of the Fund in any scheduled bank or invest the same in debt instruments of any corporation owned or controlled by the appropriate Government or in loans floated by the appropriate Government or in any other manner as the State Bar Council may, from time to time, direct with the prior approval of the appropriate Government.
(3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund.
(2) The Trustee Committee shall deposit all monies and receipts forming part of the Fund in any scheduled bank or invest the same in debt instruments of any corporation owned or controlled by the appropriate Government or in loans floated by the appropriate Government or in any other manner as the State Bar Council may, from time to time, direct with the prior approval of the appropriate Government.
(3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund.