Board’s funds

Finance, Accounts and Audit

1. (1) The Board shall have its own fund. 1-A) The authorised capital of the Board shall be twenty crores of rupees which shall be contributed by the State Government and the Local authorities.)
2. (2) The Board may accept loans, grants, subventions, donations and gifts from the Central or State Government or a local authority or any individual or body or organisation whether incorporated or not for all or any of the purposes of this Act.
3. (3) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all charges, all interests, profits and other moneys accruing to the Board shall constitute the fund of the Board.
4. (4) Except as otherwise directed by the Government, all moneys and receipts specified in the foregoing provision and forming part of the fund of the Board shall be deposited in the State Bank of India or any other Bank included in the Second Schedule to the Reserve Bank of India Act, 1934 ( Central Act II of 1934 ) or invested in such other form or such other securities as may be approved by the Government.