Board’s Fund, custody and investment

(1) The Board shall establish a fund to be called Board’s Fund. (2) The following shall form part of, or paid into the Board’s Fund:- (a) all contributions, assignments, loans and grants, if any; (b) all income of the Board from any source whatsoever including income from fees, royalties and charges levied by the Board; (c) all income or moneys from trusts, bequests, donations and endowments or other contributions, if any; (d) interest on, and sale proceeds of any securities vested in the Board; (e) any sums borrowed from the banks or other financial institutions, with the permission of the government; and (f) other moneys received by or on behalf of the Board. (3) The Board’s Fund shall, at the discretion of the Executive Council, be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (Central Act 2 of 1934.), or in such other manner as may be prescribed by the Government.