Application of Fund

Without prejudice to the generality of the provisions of section 48, the Fund shall be utilised by the Board, which may,- (a) grant to the affected workmen such sums as the Board may decide; and such sums shall not be less than the minimum wages in force for the General Engineering Industry; (b) contribute towards the share capital for the formation of an Industrial Workers Co-operative Society; (c) grant such other financial assistance to the Industrial Workers Co-operative Societies; or (d) take such measures as the Board may consider necessary for promoting the welfare of affected workmen.