Income and expenses of the Board - (1) The income of the Board shall consist of

(1) The income of the Board shall consist of (a) all fees and other charges received by the Board under the provisions of this Act; (b) all monies received from the State or Central Government and the University Grants Commission by way of grant, gift, or deposit; (c) donations or other sums received by the Board from any person or institution; and (d) all other income from endowments and other properties. (2) The expenses of the Board shall include the salaries and allowances of the Secretary, officers and other employees of the Board, the remuneration payable to examiners, invigilators and other persons employed in relation to, or in connection with, the conduct of the Intermediate examination, the allowances, if any, paid to the members of the Board or its committees for attending meetings of the Board or its committees and such other expenses as are necessary for carrying out of the purposes of this Act. (3) All monies received by the Board shall be lodged in the Government treasury or in any bank specified by the Government. (4) The Board may, with the sanction of the Government, invest its surplus funds in such manner as may be prescribed. (5) The monies of the Board so lodged or invested shall be drawn by the Secretary in such manner as may be prescribed. (6) Any sums placed at the disposal of the Board by the State or Central Government, the University Grants Commission or by any person or other institution for a specific purpose shall be administered by the Board for that purpose, subject to any general or special orders of the Government in that behalf. (7) The Board shall keep proper accounts of its income and expenses and the annual accounts of the Board shall be subject to audit by an auditor appointed annually by the Board.