Funds of the Board

(1) The Board shall have its own fund and all receipts of the Board shall be credited thereto and all payments by the Board shall be met therefrom. (2) The Board may accept grants, subventions, donations and gifts from State and Central Governments or the Khadi and Village Industries Commission or a local authority or any body or association, whether incorporated or not, or an individual for all or any of the purpose of this Act. (3) The Board may receive loans from State and Central Governments or the Khadi and Village Industries Commission or a local authority or a co-operative bank registered under any law governing co-operative societies in the State or a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 or the State Bank of India constituted under the State Bank of India Act, 1955 or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks), Act, 1959, or a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. (4) All money belonging to the fund of the Board shall be deposited in such manner as the State Government may, by special or general order, direct. (5) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorised by the Board.