Board's Fund.

(1) The Board shall have a fund to be called the Housing and Development Board Fund. (2) The Board may accept grants, subventions, donations and gifts from the Central Government or the State Government or a local authority or any individual or body, whether incorporated or not for all or any of the purposes of this Act. (3) The State Government may every year make a grant to the Board of the amount required to meet the administrative expenses of the Board. (4) All moneys received by or on behalf of the Board, all proceeds of sale of land or any other property, betterment charges and all interest, profits, and other moneys securing to the Board shall be deposited in the fund of the Board. (5) Except as otherwise directed by the State Government, all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the State Bank of Sikkim. (6) The Bank account or any cash or security of the Board shall be operated or handled by such officers as may be authorised by the Board.