Amendment status not verified — confirm the current text below against the official source.
The Fund shall vest in and be held and applied by the Committee subject to the provisions, and for the purposes of this Act. 9.( 1) It shall be the function of the Committee to administer the Fund. (2) In the administration of the Fund, the Committee shall, subject to the provisions of this Act and the rules made thereunder, (a) hold the amounts and assets belonging to the Fund; (b) receive applications for admission or readmission to the Fund and dispose of such applications within ninety days from the date of receipt thereof; (c) receive applications from the members of the Fund, their nominees or legal representatives, as the case may be, for payment out of the Fund; (d) conduct such enquiry as it deems necessary, for the disposal of such applications and dispose of the applications within five months from the date of receipt thereof; (e) record in the minutes book of the Committee its decision on the applications; (O pay to the applicants amount at the rates specified io the schedule; (g) maintain such accounts and books and send such periodicals and annual reports tothe Bar Council, as may be prescribed; (h) communicate to the applicants under certificate of posting the decision of the Committee in respect of applications for admission or re-admission to the Fund or claims to the benefit of the Fund ; and (1) do such other acts, as are or may be, required to be done under this Act and the rules made thereunder including making provisions of minimum number of staff for the office of the Committee.- 10.( 1) The Committee, may, with the prior approval of the Bar Council, borrow, from time to time, any sum required for carrying out the purposes of this Act. (2) The Committee shall deposit all moneys and receipts forming part of the Fund in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or invest the same in loans to any Corporation owned or controlled by the Central Government or the State Government or the loans floated by the Central Government or the State Government or in any other manner as the Bar Council may, from time to time, direct with prior approval of the Government. 2 of