(Extract from Punjab Govt . Gaz . , (Extra) dated the 30th December , 1992) — The PESCO Act. 1978

(Extract from Punjab Govt . Gaz . , (Extra) dated the 30th December , 1992) DEFENCE SERVICES WELFARE DEPARTMENT The 23rd December , 1992 No . 520 . AD . PESCO/53 -In exercise of the powers conferred by section 31 of the Punjab Ex-Servicemen Corporation Act , 1978 (Punjab Act No . 33 of 1978) and with the prior approval of the State Government , the Punjab Ex-Servicemen Corporation hereby makes the following Regulations , namely :- THE PUNJAB EX -SERVICEMEN CORPORATION (EXPENDITURE AND GENERAL) REGULATIONS , 1992 1 . (1) Short Title and Commencement . _ These Regulations shall be called " The Punjab Ex-Servicemen Corporation (Expenditure and General) Regulations , 1992 " . They shall come into force from the date they are published in the official Gazette . 2 . Definitions . _ In these Regulations : _ (a) " The Act " means " The Punjab Ex-Servicemen Corporation Act , 1978 (Punjab Act No 33 of 1978) " . (b) " Board " means " the Board of Directors " constituted under section 7 (1) of the Act . (c) " Corporation " means " The Punjab Ex-Servicemen Corporation " set up under Section 3(1) of the Act . (d) " Financial Controller " means an officer authorized by the Board to exercise the powers of the Financial Controller . (e) " Managing Director " means a person appointed under section 7(2) of the Act . (f) " Rules " mean the Rule made under Section 32(1) of the Act . (g) " Year " means the financial year i . e the year ending 31st March . 3 . Sanctioning Authority to satisfy itself regarding the reasonableness of claims . _ Before authorising any payment under any head of expenditure the authority empowered to do so will :- (i) ensure that the bill or claim has been duly verified by the official incurring the expenditure . (ii) satisfy itself that the bill or claim is reason