Fund of the Council.

(1) There shall be a Fund of the Council to be known as the Punjab State Higher Education Council Fund to which shall be credited all grants received from the Central Government, the State Government, any regulatory body/authority or any contributions and subscriptions. (2) The State Government shall establish a corpus of Rs. 5 crore for the establishment and functioning of the Council. The State Government may also release grants from time to time in terms of its annual budget for the Council. (3) The Fund shall be used in meeting the expenses of the Council, including the payment of salaries and allowances of all the officers and employees of the Council.