(1) All moneys received by or on behalf of a District Council under the provisions of this Act or any other law for the time being in force shall be credited to a fund which shall be called the "Council Fund" and it shall be held by the District Council in trust for the purposes of this Act.
     (2) All expenditure of the Council shall be defrayed out of the Council Fund.
     (3) The Administrator may make rules for the management of the Council Fund and for the procedure to be followed in respect of payment of money into the said Fund, the withdrawal of moneys therefrom, the custody of moneys therein and any other matter connected with or ancillary to the matters aforesaid.
     (4) The accounts of a District Council shall be kept in such form as may be prescribed.
     (5) The accounts of a District Council shall be audited in such manner as may be prescribed.