Fund of the Board.

(1) There shall be a fund of the Board to be known as the Technical Education Development Fund (hereinafter referred to as the Fund). (2) All receipts of the Board shall be credited into the fund. (3) All expenditure incurred by the Board shall be defrayed out of this Fund, which shall be operated in such manner, as may be prescribed. (4) All moneys lying in the credit of the Fund, shall be kept in any Scheduled Bank as defined in the Reserve Bank of India, 1934 (Act 2 of 1934) or the same may also be invested in securities of Central Government, State Government or a Public Sector Undertaking. (5) The fund shall be utilized for payment of charges and expenses authorised by or under this Act or for carrying out the purposes of this Act.