Establishment of Development and Price Stabilisation Fund

(1) There shall be constituted in the State of Karnataka a fund called the Karnataka Silk Worm Cocoon and Silk Yarn Development and Price Stabilisation Fund. (2) All moneys received by way of market fees, license fees, or other fees or charges and all grants or contributions made by the Government shall form part of the Fund established under sub-section (1). (3) The amount at the credit of the said fund shall not be expended except for the purpose of stabilizing the prices of cocoons and silk yarn and for the development of rearing of silkworm seed, reeling and twisting of silk yarn and matters connected therewith and such other matters as may be prescribed.