Karnataka State Bar Council
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    10. All monies received and spent shall be immediately brought into account in the cash book and ledger. The cash book shall be balanced at the close of every month and signed by the Secretary, and the Accountant.

    10 A. The Bar Council of India shall have power to borrow money from any Bank or other financial institution or others for the purposes of acquiring or construction of any property or building on a specific authorisation of the Bar Council of India.

    10 B. That for the purposes of borrowing, the Bar Council of India may authorise any Officer or office bearer to sign necessary documents.

    10 C. The Bar Council of India shall have power to mortgage property belonging to the Council for the purpose of taking loans from Banks and other Financial Institutions.

    Note: Rules 10 A & 10 B came into force from 11th Feb., 1990 and Rule 10 C came into force from 22nd April, 1990.

    (1) (i) The Chairman, (ii) the Vice-Chairman or (Hi) any other person authorised by the Council, shall be entitled to incur expenditure sanctioned in the budget without any further authority.

    (2) The Chairman and/ or the Vice-Chairman or any other person authorised by the Council, shall have authority to spend or incur expenditure of an emergent nature not provided for in the budget not exceeding Rs. 2,000/- a month for the purpose of the Council.

    12. The Chairman and/or the Vice-chairman shall be the authority to sanction travelling allowance and daily allowance bills of the members.

    13. The accounts of the Council shall be audited once a year.

    14. The annual statement of income and expenditure of the year so audited shall be laid before the Executive Committee not later than the 31st July each year.

    15. The funds of the Council may be invested as follows:

      (i) in the State Bank of India or such other nationalised bank as the Council may decide;

      (ii) in any of the securities specified in Section 20 of the Indian Trusts Act, 1882, as the Council may decide;

      (iii) in Fixed Deposits with Government Companies as defined in the Companies Act, 1956.

    16. Budget estimates of Income and Expenditure for the coming year shall be made by the Executive Committee and laid before the Council for approval before the 31st March every year.

    17. (1) All cheques other than those mentioned in sub-rule (2) shall be signed or endorsed and all bills, notes or other negotiable instruments shall be drawn, accepted or made on behalf of the Council by two persons, viz., (i) by the Chairman. or the Vice-Chairman of the Council and in their absence by such other members as may be authorised by the Council in that behalf, and (ii) the Secretary, and in his absence the Joint or Assistant-Secretary, if any, authorised by the Council.

    (2)Not with Standing anything contained in Rule 11, Chapter V Part II of the Council, the Council may by resolution open a separate Savings Bank Account in any Bank specified by it or in a Post Office to be operated by the Secretary of the Council.

    18. All monies and securities belonging to the Council shall stand in the name of the Council.

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