Fund of the Board and Corporation

Fund of the Board and Corporation.

1. (1) The Board and every Corporation shall have its own fund.
2. (2) All sums which may be paid to the Board or, as the case may be, the Corporation by the State Government, and all other receipts, including any contribution or donations, shall be credited to the said fund of the Board or, as the case may be, the Corporation.
3. (3) The fund shall be applied for meeting the administrative and other expenses of the Board, or as the case may be, the Corporation, and for carrying out the purposes of this Act.
4. (4) It shall be competent for the Board or, as the case may be, a Corporation to keep in any bank, or in any Government treasury, such money as may be required for its current expenditure, and to invest any surplus money in such securities as may be approved by the State Government.