Funds & Property of the Society
The funds of the Society shall consist of the following
- Interest free loan received from the Central Government under the Scheme “Upgradation of 1396 Government ITIs through Public Private Partnership”.
- Income from investments and savings.
- Receipts by way of fees and charges for any short term or long term training courses run by the Society in the ITI.
- Income earned by running production/service centres by the Society in the ITI.
- Charges for consultancy services provided by the ITI.
- Grants, contributions, and donations received by the Society from Government of India, State Governments, Public Undertaking, private parties or any other sources.
- Extra charges allowed to be collected by the State Government to the Society for any paid seats in the ITI for any training course.
- The bankers of the Society shall be the bank as may be decided by the Governing Council and prescribed by the Central Government in the instructions issued from time to time.
- All funds shall be paid into accounts of the Society which shall be operated upon by such officer(s) as may be duly authorized by the Governing Council.
- Subject to the provisions of Section of the Act, and with the approval of Governing Council, any portion of the funds of the Society, not immediately required, may be invested or deposited.
- In a special account opened by the Society for the purpose in a banking company as defined in the Banking (Regulation) Act,1949 and prescribed by the Central Government.
- In any other mode permitted by the Central Government in its instructions issued from time to time.
Property of the Society
- All funds and assets transferred to the Society shall be at the disposal of the Society.
- All the properties of the Society shall be acquired and registered in the name of the Society.
- All funds and properties of the Society shall be used only for the aims and objects of the Society.
- No property of the Society shall be disposed of except on the recommendations of the Governing Council.Disposal of any immovable property shall be approved by the Society as well.