Fund of the Board

Fund of the Board.-

1. (1) There shall be a fund called the Karavali Development Board fund.
2. (2) The following shall form part of, or be paid into, the board fund, namely:-
   • (i) all grants, subventions, donations and gifts made by the Central Government, State Government, any local authority, anybody whether incorporated or not or any persons;
   • (ii) the amount borrowed by the Board; and
   • (iii) all other sums received by or on behalf of the Board from any source what-so-ever.
3. (3) Except as otherwise directed by the State Government all money credited to the fund shall be invested in any Nationalized Bank.