Constitution of the Fund

(1) There shall be constituted a Fund to be called the ‘Punjab Dairy Development Fund’, which shall vest in the Board. The Fund shall have the following contributions, namely: - (i) a sum of money provided by the State Legislature by law out of the Consolidated Fund of the State constituting such proportion of the purchase tax on milk, as the State Legislature may think appropriate for being utilized for the purposes of this Act; (ii) all sums of money that may be provided by the Central Government, State Government or Local Authorities; (iii) all sums of money received by way of grants, donations, benefactions, bequests and transfers; and (iv) all such sums of money as may be received by the Board in any other manner and from any other source. (2) The Fund shall be applied for achieving the objectives of the Board and meeting the expenditure to be incurred in relation thereto. (3) The accounts of the Board shall be audited by an Auditor, duly qualified to act and to be appointed as an Auditor of Companies under the Companies Act, 1956 (Central Act 1 of 1956). The appointment of an Auditor and remuneration payable to him, shall be decided by the Board or the authority authorized by the Board in this behalf, on yearly basis. The Auditor so appointed, shall have at reasonable times an access to books, accounts and other documents of the Board.