Constitution of the Board Fund

(1) There shall be constituted a Fund to be known as the "Board Fund" to which shall be credited — (a) all fees received by the Board and all endowments, donations, grants or contributions made to it by the State Government or by any other Government, person, body or authority ; and (b) all moneys received from any other source. (2) All moneys at the credit of the Board shall be kept in the State Bank of India or such other bank as the State Government may specify ; Provided that the Board may invest such moneys, as are not required by it for immediate expenditure, in any of the Government securities or place them in fixed deposit in any bank approved by the State Government. (3) Subject to the provisions of this Act, the Board Fund may be applied for purposes of payment of the charges and expenses connected with or incidental to the several matters specified in this Act and the regulations made thereunder and for any other purpose for which by or under this Act powers are conferred or duties imposed on the Board. (4) The annual net savings shall be used by the Board for the development of school education and raising the standards thereof and for such other educational purposes as the State Government may direct. (5) The accounts of the Board shall be audited annually by such agency and on payment of such fees as may be specified by the State Government and a copy of the annual audited accounts and balance-sheet shall be submitted by the Board to the State Government within a period of six months from the close of the financial year.