law: The Actuaries Act, 2006
  22. Finances of
  
  Council. - 
  1. 
  
   There
  
  shall be established a fund under the management and control of the Council
  
  into which shall be paid all moneys (including donations and grants) received
  
  by the Council and out of which shall be met all expenses and liabilities
  
  incurred by the Council.
  2. 
  
   The
  
  Council may invest any money for the time being standing to the credit of the
  
  fund in any security as it may deem prudent consistent with the considerations
  
  of security of such investments and maximum returns thereon. Explanation.- For
  
  the purposes of this sub-section, the expression "securities" shall
  
  have the meaning assigned to it in section 2 of the Securities Contracts
  
  (Regulation) Act, 1956, as amended from time to time.
  3. 
  
   The
  
  Council shall keep proper accounts of the fund distinguishing capital account
  
  from revenue account.
  4. 
  
   The
  
  annual accounts of the Institute shall be subject to audit by a Chartered
  
  Accountant in practice within the meaning of the Chartered Accountants Act,
  
  1949 to be appointed annually by the Council: Provided that no member of the
  
  Council who is a Chartered Accountant or a person who is in partnership with
  
  such member shall be eligible for appointment as an auditor under this
  
  sub-section.
  5. 
  
   As
  
  soon as may be practicable at the end of each year, but not later than the 30th
  
  day of September of the year next following, the Council shall cause to be
  
  published in the Gazette of India, a copy of the audited accounts and the
  
  report of the Council for that year and copies of the said accounts and report
  
  shall be forwarded to the Central Government and to all the members of the
  
  Institute.
  6. 
  
   The
  
  Council may borrow from a scheduled bank, as defined in the Reserve Bank of
  
  India Act, 1934, or from any public financial institution-
  a.    any money required
  
  for meeting its liabilities on capital account on the security of the fund or
  
  on the security of any other asset, for the time being belonging to it ; or
  b.    for the purpose of
  
  meeting current liabilities, pending the receipt of income, by way of temporary
  
  loan or overdraft. Explanation.-The expression "public financial
  
  institution" means a financial institution specified in section 4A of the
  
  Companies Act, 1956.