Amendment status not verified — confirm the current text below against the official source.
(1) The trustee shall prepare or cause to be prepared an annual balance sheet giving such particulars as will disclose the nature and extent of the income, expenditure, outstandings, and savings of the institution and send a signed copy of the same to the Board not later than the last day of the first month of the succeeding financial year. The trustee shall promptly furnish the Board with such information as may be required by him to explain correctly doubts, if any, arising on an examination of the balance sheet. (2) The scale of expenses of an institution shall be so adjusted as to provide for an yearly saving of at least 2 1/2 per cent of the gross income after paying the interest on debts, if any, as may be determined by the Board from time to time by notification in the Gazette. The savings so made shall be earmarked as a reserve fund to be drawn upon to meet unexpected and unavoidable expenditure and for purchase of immovable properties at prices to be approved of by the Board. (3) The reserve fund shall within 10 days of the submission of the annual balance sheet be invested in the name of the institution in the manner provided for the investment of trust funds under the Trust Act for the time being in force. Where however the Board is satisfied that an institution has such a sufficiency of reserve funds as can be conveniently utilised for the payment of any debt outstanding, it may direct the trustee of the institution to utilise the whole or any portion of the reserve fund for the payment of such debts. The trustee who has been so directed shall pay off the debts accordingly and shall forthwith satisfy the Board that such debts have been so paid off. (4) A contribution not exceeding one per cent of the annual gross receipts of each institution may be levied for supervision charges and credited to the Board in accordance with orders specially issued by the Board from time to time. Such amounts may be recovered by the President of the Board as if they were arrears of revenue under the Revenue Recovery Act, for the time being in force.