(1) The bond amount to be kept in the local body in accordance with this regulation or the prevailing law shall be kept in a separate account in the bank specified by the concerned local body. There will normally be only one bond account opened by each local authority.
(2) In case of depositing the amount in the bond account as per sub-rule (1), the concerned person shall file two copies of receipts as prescribed by the bank.
(3) One of the two copies of the vouchers as per sub-rule (2) shall be given to the concerned person by the bank. Such voucher should be submitted to the relevant local authority and the income receipt should be obtained. But regarding the voucher submitted with the sealed bid, after opening the bid, a cash receipt should be taken.
(4) The operation of the guarantee account as per sub-rule (1) shall be through the joint signature of the authorized officer and the head of the financial administration branch. The authorized officer may also conduct operations with the signature of other officers under him and the head of the financial administration branch or the accounting staff designated by him as required in his responsibility. But in the case of village development committee, it will be operated by the joint signature of the chairman and the secretary.