Fund of the State Common Entrance Test Committee.

(1) There shall be a fund of the State Common Entrance Test Committee (hereinafter referred to as the Committee) called the Committee fund. (2) The following shall form part or be paid into the Committee fund, namely:- (i) fee collected by the Committee for the purpose of conducting Common Entrance Test; (ii) grants made by the State Government; (iii) amount borrowed by the Committee; (iv) all other sums received by or on behalf of the Committee from any source whatsoever. (3) Except or otherwise as directed by the State Government all money credited to the fund shall be invested in any Scheduled Bank.