Board Fund

(1) The Board shall have a fund called the Sikkim Board of School Education Fund to which shall be credited: (i) all income from fees, endowments, donations and grants for specific purposes, if any, (ii) annual contributions which may be made by the State Government under such conditions as they may impose and (iii) receipt from other sources. (2) All moneys at the credit of the Board shall be kept in the State Bank of Sikkim or any other Bank approved by the State Government, at Gangtok.