Revolving Fund

(1) Notwithstanding anything contained in section 54 the Board may create a fund to be called the Revolving Fund into which shall be credited all proceeds which may be received by or on behalf of the Board in respect of sales on instalment basis, of any building or any units therein, constructed or reconstructed by the Board under a housing scheme. (2) The Revolving Fund shall be held and applied solely for the purpose of construction or reconstruction of buildings under a housing scheme.