Fund of the Board

(1) There shall be a Fund called the Kudala Sangama Development Board Fund.

(2) There shall be credited to the said Fund,-

(i) all grants, subventions, donations and gifts made by the Central Government, State Government, any local authority or any body, whether incorporated or not or any person;

(ii) the amount borrowed by the Board; and

(iii) all other sums received by or on behalf of the Board from any source whatsoever.

(3) Except as otherwise directed by the State Government all moneys credited to the Fund shall be invested in any Scheduled Bank or in the State Government Treasury.

(4) The administrative expenses of the Board including the salaries, allowances and pension if any, payable to the Commissioner and other officer and employees of the Board shall be defrayed out of the fund of the Board.