Constitution of Fund

(1) There shall be constituted a Fund to be called the Punjab Education Development Fund, which shall vest in the Board established under section 3. (2) The Fund shall be administered by the Member-Secretary of the Board under the superintendence and control of the Board. (3) The amount of cess levied and collected under section 6 along with the grants received from the State Government and Local authorities, shall be credited to the Fund within such period and in such manner, as may be prescribed.