Amendment status not verified — confirm the current text below against the official source.
(1) The management of every institution shall for the purposes of disbursement of salaries to its teachers and employees, open in [a scheduled bank or a co- operative bank]1 a separate account to be operated jointly by a representative of the management and by the Inspector or sue other officer as may be authorized by the Inspector in that behalf: Provided that after the account is opened the Inspector may, if he is, subject to any rules made under this Act, satisfied that it is expedient in the public interest so to do, instruct the bank that the account shall be operated by the representative of the management alone, and may at any time revoke such instruction : Provided further that in the case referred to in the proviso to sub-section (2), or where a difficulty arises in the disbursement of salaries due to any default of the management, the Inspector may instruct the Bank that the account shall be operated only by himself or by such other officer as may be authorized by him in that behalf and may at any time revoke such instruction. (2) The management shall deposit in the said account by such elate as maybe specified by general or special orders by the Inspector, eighty per cent, or where the State Government or an officer authorized by the State Government having regard to the money required to be disbursed, directs a higher percentage, then such higher percentage as it or he may direct, of the amount received from students as fees which in accordance with the general or special orders of the State Government in that behalf [and for so long as such orders are not made, in accordance with the directions of the Inspector]2 form part of the maintenance fund : Provided that where the said percentage of fees is not deposited as aforesaid, the Inspector may by order prohibit the management from making any realization of fees from the students and thereupon the Inspector may recover the fees (either through the teachers of the institution or in such other manner as he thinks fit), directly from the students and shall deposit the fees so recovered in the said account. (3) The entire amount of the maintenance grant and the amount of eighty percent, or such higher percentage as the State Government or, an officer authorized by the State Government may by general or special order in that behalf determine, of the grants for reimbursement of free ships and other similar concessions shall also be paid by the State Government into the said account. -------------------------------------------------------------------------------------------------------------------------