Amendment status not verified — confirm the current text below against the official source.
(1) For every Gram Panchayat there shall be constituted a Gram Panchayat Funds bearing the name of the Gram Panchayat and there shall be placed to the credit thereof---- (a) contributions, and grants, made by the Central or the State Government including grants-in-aid from the Consolidated Fund of the State based on the recommendation of the State Finance Commission constituted under this Act; (b) contributions and grants, if any made by the Zilla Parishad, Panchayat Samiti or any other local authority; (c) loans, if any, granted by the Central Government or the State Government or any of the instituions specified in this Section; Acquisition of land for Gram Panchayat Power to borrow money Gram Panchayat Fund 47 (d) all receipts on account of taxes, rates, duties, tolls and fees levied by it; (e) all receipts in respect of any schools, hospitals, dispensaries, buildings, institutions or works vested in, constructed by or placed under the control and management of the Gram Panchayat; (f) all sums received as gift or contribution and all income from any trust or endowment made in favour of the Gram Panchayat; (g) such fines and penalties imposed and realised under the provisions of this Act as may be prescribed; and (h) all other sums received by or on behalf of the Gram Panchayat. (2) Every Gram Panchayat shall set apart and apply annually such sum as may be required to meet the cost of its own administration including the payment of salary, allowances, provident fund and gratuity to its officers and employees. (3)[Every Gram Panchayat shall have the power to open such Bank or Postal account as may be directed by the State Government.]1 (4) The Gram Panchayat Fund shall be vested in the Gram Panchayat and the amount standing to the credit of the Fund shall be kept in such custody as the State Government may, from time to time, direct. (5) [Subject to such control as the Gram Panchayat may exercise from time to time, all orders for payment from the Gram Panchayat Fund shall be jointly signed by the Pradhan and Panchayat Secretary. In absence of Pradhan, the Upa-Pradhan may sign jointly with Panchayat Secretary with prior specific approval of the Gram Panchayat. Provided that no order for payment shall issue without prior approval of Gram Panchayat.]2 [Provided that in cases where the offices of both the Pradhan and the Upa- Pradhan fall vacant by virtue of their having resigned from their posts or otherwise, all orders for payment from the Gram Panchayat fund shall be signed jointly by the in-charge Panchayat Secretary of the Gram Panchayat and the Block Development Officer cerned, till the time the new Pradhans or Upa-Pradhans are elected through due legal process.]3 (6) The Gram Panchayat Fund shall be operated in such manner as may be prescribed.