Fund of the Authority.- (1) There shall be a fund called the Authority Fund.

Education201263 sections

Statutory text

(2) The following shall form part of, or be paid into the Authority Fund, namely:-
- (i) all fees, grants, subversions, donations and gifts made by the Central Government, State Government, any local authority, any body whether incorporated or not or any persons; and
- (ii) all other sums received by or on behalf of the Authority from any source whatsoever;
- (iii) the fund of the para medical examination Board and nursing examination Board on the date of commencement of this Act.
(3) Except as otherwise directed by the State Government all money credited to the Fund shall be invested in any Scheduled bank.
(4) The administrative expenses to the Authority including the salaries, allowances and pensions payable to the Executive Director and other officers and employees of the Authority shall be defrayed out of the Fund of the Authority.

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