Funds of the Board.

23. (1) The Board shall have its own fund and all receipts of the Board shall be credited thereto, and all payments by the Board shall be met therefrom. (2) The Board may, subject to the provisions of this Act, and the rules made thereunder accept grants, subventions donations and gifts and receive loans from Government, the Khadi and Village Industries Commission of India or a local authority or any body or association, whether incorporation or not, or an individual for all or any of the purpose of this Act. It may also create reserves for irrecoverable losses and losses in direct trading activities. (3) All moneys belonging to the Fund of the Board shall be deposited in such Bank as may be approved by the Government on and at places where there is no such Bank, in a Government Treasury or be invested in such securities as may be approved by the Government. (4) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorised by the Board.