Terms of membership: The members of the Prabandhak Committee shall hold for three years from the date of its constitution. General powers of the Prabandhak Committee : Subject to superintendence and control of the Governing Board, a Prabandhak Committee shall have full powers of control over, all Kashmiri Hindu religious places of Hindus of Kashmir falling within their jurisdiction and their property, assets and income of whatever description accruing there from and of incurring of expenditures generally for taking all such measures as may be necessary to ensure their effective administration, maintenance and development. Offerings made at religious places of Hindus of Kashmir, shrines and endowments etc: All the offerings made at or in connection with religious places of Hindus of Kashmir, endowments etc. shall be deemed to be the property of the "relevant Prabandhak Committee.
s ' s r e i i t i m h roc 0 s a At 02 K n nd ll -2 u n e a Bi a P id n c o i o t n en e G rev P CHAPTER-V FINANCES
(22) (23) (24) (25)
The Governing Board shall receive grants -in-aid, subsidies, development aid etc. from the Central and Union Territory Government, individuals or other bodies whether established within or outside the country and for that purpose shall enter into requisite agreements. The Governing Board shall also receive such contributions from the Prabandhak Committees as maybe fixed by it in accordance with the rules and regulations that may be prescribed for the purpose and enter into requisite agreements for the purpose. The Governing Board may borrow money for carrying out the objectives of this Act from the Union Territory and Central Government, Bank and other Bodies corporate, operating within or outside the country, with or without securities. The Governing Board and every Prabandhak Committee may open accounts, both current and savings and deposit funds in the form of fixed deposits or in any other form with Scheduled Banks and Post Offices. The Governing Board and every Prabandhak Committee may invest money not immediately required in such securities, bonds etc. and in any such other manner as may from time to time be determined. The Governing Board and every Prabandhak Committee shall open Bank accounts with any Nationalized Bank or its branch operating within -their respective jurisdictions. Such accounts shall be opened on the basis of resolution passed for the purpose by the Governing Board, which shall also nominate at least two office bearers who shall be signatories for making any draw from such accounts. Objects on which funds may be spent: (I) The funds available with the Governing Board and Prabandhak Committee shall be appropriated for meeting the expenses on the objectives of this Act in accordance with the annual budget that may be approved by the Governing Board for meeting its requirement and also that of Prabandhak Committee. (a) Development and maintenance of the religious places irrespective of the fact whether or not these religious places have revenue generating assets or properties in accordance with approved development plans; (b) Setting up facilities for devotees and pilgrims;