Chapter VII THE COUNCIL FUND

1. (1) There shall be formed a fund to be called the Council Fund and there shall be placed to the credit thereof-
   • (a) all sums received by the Council and the Faculty as donations and grants including allotments from the Consolidated Fund of the State ;
   • (b) all sums received for or on account of registration of practitioners and admission to the Faculty's examinations, and licensing of firms for sale of Ayurvedic drugs under this Act and any other fees received under any of the provisions of this Act or rules or regulations or bye-laws made thereunder ; and
   • (c) all sums received or recovered by the Council or the Faculty on any other account.

The Government may place such sums at the disposal of the Council every year as they think necessary for distribution according to rules made by the Government to the Ayurvedic dispensaries, hospitals and educational institutions in the State and for other suitable purposes consistent with the aims and objects of this Act.

The Council Fund shall be applicable to the following objects, namely :-

1. (a) to the repayment of debts, incurred by the Council for the purposes of this Act ;
2. (b) to the payment of the salaries and allowances of the Registrar and of the establishments employed by the Council and the Faculty for the purposes of this Act and to the payment of any Provident Fund contributions to the Registrar and to the members of such establishments ;
3. (c) to the payment of the travelling and other allowances of the President and members of the Council and the Chairman and members of the Faculty ;
4. (d) to the payment of the travelling and other allowances of the members of the Committees or Boards appointed by the Council or by the Faculty ;
5. (e) to the payment of the cost of audit of the Council Fund ;
6. (f) to the expenses of any suit or proceeding to which the Council is a party ;
7. (g) to any object, which may be declared by the Council, at a meeting specially convened for the purpose, by a resolution, in favour of which not less than two-thirds of the members present at such meeting shall have voted, to be an object to which the Council Fund may be applicable ; and
8. (h) to the payment of any other expense incurred by the Council or the Faculty in carrying out the provisions of this Act.

The accounts of the Council shall be subject to audit under the Orissa Local Fund Audit Act, 1948 and for the purposes of the said Act the Council shall be deemed to be a Local authority whose accounts have been declared by the Government to be subject to audit under section 3 of the said Act and the Funds in the hands of the Council shall be deemed to be a local fund.