Constitution of Market Development Fund

(1) All moneys received by the Board shall be credited into a fund to be called the Market Development Fund. (2) No expenditure from the Market Development Fund shall be defrayed unless it is sanctioned by the competent authority. The Market Development Fund shall be operated in the manner as may be prescribed in the rules. Explanation – For the purpose of this sub-section ‘competent authority’ shall mean the Board, or Vice-Chairman or any other officer of the Board to whom the powers of the Board to incur expenditure have been delegated, as the case may be. (3) The amount standing to the credit of the Market Development Fund shall be kept or invested in such manner as may be prescribed.