Constitution of the Board Fund

(1) There shall be constituted a Fund to be known as the Board Fund to which shall be credited— (a) all fees, sale proceeds of text books, penalties royalties and charges levied by the Board; (b) all bequests, endowments, donations, grants or contributions made to the Board by the State Government or any other Government, person, body or authority; (c) all rents and profits from the property vested in the Board; and (d) all moneys received by or on behalf of the Board from any other source. (2) All moneys at the credit of the Board shall be kept in the State Bank of India or such other Bank as the State Government may direct: Provided that the Board may invest such moneys as are not required by it for immediate expenditure, in any of the Government securities or place them in fixed deposit in the State Bank of India. (3) Subject to the provisions of this Act, the Board Fund may be applied only for purpose of payment of the charges and expenses connected with orincidental to the several matters specified in this Act and the regulations made thereunder and for any other purpose for which powers are conferred or duties imposed on the Board by or under this Act. (4) The net savings, if any, shall be utilised by the Board for the development of school education, for raising the standard thereof. (5) The accounts of the Board shall be audited annually by such agency and on payment of such fees, as may be specified by the State Government and a copy of the annual audited accounts, balance sheet and annual administrative reports shall be submitted by the Board to the State Government each year by such date, as the State Government may specify and as soon as possible, shall be laid before the Houses of the State Legislature.