Amendment status not verified — confirm the current text below against the official source.
Panchayat Fund.-(l) Every Panchayat shall establish a fund to be called the Panchayat Fund and all sums received by the Panchayat, shall form part of the said Fund. (2) Subject to; the provisions of this Act and the rules made I""reunder,all property vested in the Panchayat and the Panchayat I'und shall be applied for the purposes of this Act or for other purposes connected with activities for the development of Panchayats generally or for such other expenses as the State GQvernment may approve on an application of Panchayat or otherwise in the public interest. The Panchayat Fund shall be kept in the nearest Government Treasury or Sub-Treasury or Post Office or Cooperative Bank or Scheduled Bank or its branch. (3) An amount allotted to the Panchayat by the State Government or any other person or local authoIity for any specified work or purpose shall be utilised exchlsively for such work or purposes and in 3.~cord- • CHAPTER VII-FUND AND PROPERTY OF PANCHAYAT