Establishment and administration of Fund-

(1) There shall be established a fund for each Authority or Commission, to be called by the prescribed name, which shall, subject to the directions of the Government, be controlled and administered by the Authority or Commission, as the case may be. (2) All moneys collected under this Act or any regulations made thereunder and all moneys received by an Authority or Commission from any source whatsoever shall be paid into the Fund. (3) An officer of the Authority or Commission, authorized in this regard, shall be responsible for day to day administration of the Fund on behalf of the Authority or Commission, as the case may be.