Board's Fund

(1) The Board shall have funds called the Housing Board Fund. (2) The Board may accept grants, subventions, donations and gifts from the Central Government or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act. (3) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents and all interest, profits and other moneys accruing to the Board, shall constitute the Housing Board Fund. (4) Except as otherwise directed by the Administrator, all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the State Bank of India or in any Scheduled Bank or a Co-operative Bank or invested in such securities as may be approved by the Administrator. (5) Such accounts shall be operated upon by such officers as may be authorised by the Board.