Indian Bare Acts

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Year : 1963

(1) The balance-sheet and accounts of the Trust shall be prepared and maintained in such form and manner as may be prescribed.

(2) The Board shall cause the books and accounts of the Trust to be balanced and closed each year as on such date as may be prescribed.

1*[(1) The affairs of the Trust shall be audited by one or more auditors duly qualified to act as auditor under sub-section (1) of Sec. 226 of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as the auditor) who shall be appointed by the Trust with the previous approval of the2*[Development Bank] and shall receive such remuneration as the Trust may fix.]

(2) The auditor shall be supplied with a copy of the annual balance-sheet of the Trust and it shall be his duty to examine it together with the accounts and vouchers relating thereto and he shall have a list delivered to him, of all books, kept by the Trust and shall at all reasonable times have access to the books, accounts, vouchers and other documents of the Trust.

(3) The auditor may, in relation to such accounts, examine any trustee or any officer or other employee of the Trust and shall be entitled to require from the Board or officers or other employees of the Trust such information and explanation as he may think necessary for the performance of his duties.

(4) The auditor shall make a report to the Trust upon the annual balance-sheet and accounts examined by him and in every such report he shall state whether in his opinion the balance-sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Trust and in case he had called for any information or explanation from the Board or any officer or other employee of the Trust, whether it has been given and whether it is satisfactory.


1. Substituted by Act 17 of 1966, Section 9 (w.e.f. 10th June, 1966).

2. Substituted by Act 52 of 1975, Section 52 (w.e.f. 16th February, 1976).


The Trust shall furnish to each of the contributing institutions within four months from the date on which its accounts are balanced and closed in respect of any year a copy of balance-sheet and amounts together with a copy of the auditor's report and shall publish the same in the Official Gazette.

The Reserve Bank or the Development Bank may, from time to time, call upon the Trust to furnish such information as either of the said banks may require, and the Trust shall be bound to furnish the same.


1. Substituted by Act 52 of 1975, Section 55 (w.e.f. 16th February, 1976).

Last updated on July, 2016

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