Funds of the Board and use thereto.

(1) The Board shall constitute funds as under:- (a) Reserve fund, named Mizo Language Development Board Reserve Fund. (b) Grant in Aid (GIA) received from the Government. (c) Operational fund named Mizo Language Development Board Operational Fund. (2) Interest occurring on all money held in the funds under sub-section (1) shall be transferred to the operational fund annually and shall be considered as annual income of the Board and taken into account in the preparation of the Board’s budget. (3) All sums representing income from endowments or property owned or managed by the Board shall be deposited in the Operational fund. (4) All money payable to the credit of the Board funds shall forthwith be deposited with any of the scheduled banks to the credit of the relevant funds and all cheques drawn on the funds shall be signed by the drawing and disbursing officer so appointed by the Secretary and be presented for encashment after obtaining the counter signature of the Chairman. (5) No expenditure shall be incurred from the relevant fund of the Board except for the purpose as provided under this Act, unless such expenditure is provided for in the Budget approved under this Act or can be met by re- appropriation in the prescribed manner.