Funds of the Board

Funds of the Board

1. (1) The Board shall constitute funds as under :-
   • (i) Reserve Fund, named as “Mizoram Board of School Education Reserve Fund”.
   • (ii) Operational Fund, named as “Mizoram Board of School Education Operational Fund” (2)
   • (i) The initial constitution of these funds shall be made out of earmarked grants from the Government subject to the maximum extent of Rs.5,00,000/- for the Reserve Fund and Rs.50,000/- for the Operational Fund.
   • (ii) Interest accruing on all moneys held in the Reserve Fund shall be transferred to the Operational Fund annually and shall be considered as income of the Board and taken into account in the preparation of Board’s budget.
   • (iii) All sums which may be paid by the Government for the Reserve Fund and the Operational Fund shall be forthwith deposited in the appropriate fund.
   • (iv) All fees realized under any of the provisions under this Act shall be deposited in the Operational Fund.
   • (v) All sum representing income endowments of property owned or managed by the Board shall be deposited in the Operational Fund.
   • (vi) The Board shall credit to the Board’s Reserve Funds Accounts all such grants from the Government or donations from any other source made or provided specifically for augmentation of the Reserve Fund immediately on receipt.
2. (3) All moneys payable to the credit of the Funds shall forthwith be paid into the State Bank of India to credit of the relevant Funds shall be signed by the secretary and presented for encashment after obtaining the countersignature of the Chairman.
3. (4) The Board shall keep account of all its receipts and expenditure in the manner prescribed.
4. (5) No expenditure shall be incurred from the relevant Fund of the Board except for the purposes of this Act and unless such expenditure is provided for in the budget approved under this act or can be met by reappropriation in the prescribed manner.
5. (6) No drawal except interest accruing annually on the Reserve Fund shall be made at any time except with the specific approval of the Government.