Khadi and Village Industries Fund

Khadi and Village Industries Fund.

1. (1) The Board shall have its own fund, to be called the Khadi and Village Industries Fund, and all receipts of the Board shall be credited thereto and all payments by the Board shall be made therefrom.
2. (2) The Board may accept grants, subventions, donations and gifts and receive loans from the Government or a local authority or any other body or person, whether incorporated or not, for all or any of the purposes of this Act.
3. (3) The Board shall maintain a sinking fund for the repayment of any loans which may be raised by the Board and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of all loans so raised: Provided that nothing in this sub-section shall apply to any loans made to the Board by the Government.
4. (4) The Board may deposit its funds in any Scheduled Bank or invest the same in such securities as may be approved by the Government.
5. (5) The fund shall be applied for meeting the administrative and other expenses of the Board and the expenditure for such other purposes as may be authorized by this Act.