Funds of the Board

Funds of the Board. 23.

1. (1) The Board shall have and maintain its own funds to which shall be credited -
   • (a) all moneys received by the Board from the Government by way of grants, loans, advances or otherwise;
   • (b) all moneys borrowed by the Board from sources other than the Government by way of loans, or debentures;
   • (c) all fees and charges collected or received by the Board under this Act or any rules or regulation made thereunder;
   • (d) all moneys received by the Board from the disposal of lands, buildings and other properties, movable and immovable; and
   • (e) all moneys received by the Board by way of rents and profits or in any other manner or from any other sources.
2. (2) The funds shall be applied towards meeting the expenses incurred by the Board in the administration of this Act and for no other purpose.
3. (3) The Board may keep in current account of the State Bank of India or any other nationalized banks such sum or sums of money out of its funds as may be prescribed by rules and any money in excess of the said sum or sums shall be invested in such manner as may be approved by the Government.
4. (4) The Government may make such grants, advances and loans to the Board as the Government may deem necessary for the performance of the functions of the Board under this Act and all grants, loans and advances made shall be on such terms and condition as the Government may determine.
5. (5) The Board may borrow moneys by way of loans or debentures from financial institutions and such sources (other than the Government) and on such terms and conditions as may be approved by the Government.
6. (6) The Board shall maintain a Debt Fund for the repayment of moneys borrowed under sub-section
7. (5) and shall pay every year into the Debt Fund such sum as may be sufficient for repayment of principal and interest due thereon, within the period fixed, of all moneys so borrowed.
8. (7) The Debt Fund or any part thereof shall be applied in, or towards, the discharge of the loan for which such Fund was created, and until such loan is wholly discharged, it shall not be applied for any other purpose.