Application of the Fund

(1) All property , the Housing Board Fund, and all other assess vesting in the Board shall be held and applied by it, and repayment of loans, payment of interest on the market borrowing of the Board and Government and other loan shall be the first charge on the Board Funds. (2) Subject to the budget provision and availability of funds, expenditure shall be incurred out of Board's fund by the Board or by any authority empowered by the Board for execution of schemes or carrying out any purpose of this act which has been duly sanctioned under the provision of this Act.