Fund of the Board

Education202050 sections

Statutory text

(1) The Boarrj shali be primarily self-financed However, it will be eniitled to receive grant tn aid or financial assistance from the State ot'Central Government or any other local or statutory body of State or Central Governrnent unoer any scheme or project.
- (Z) The Board shall create a funcj to bc calied il're tloaro Fund (hereinafter referred to in this Aci as the Futnd of ti'le Board) to v,rirrch slrall be cr*rjitlrd:- a. all sums rryhich may be paio ov riie Sponsoring Boriy, any Goveri'iment Or Governmental Body or any *Statutory or L.ocai Bc:cJy, b alt fees and other charges realiseC under any of the provisions of this Act, c, all monies received by the Board fronr a school, institution. study centre or by way of grants, gifts, donations, benefactions, bequests or transfer, d. all sums representing income from endowments, if any, or from property owned or managed by the Board, and e. all other sums received by the Bu-ra[tl on Lrehalf of the operr schoc! frcm any othei' sour ces.
(3) The Fund shall vest in the Boarcj and slrall be undei'its control and be held in trust for the purposes of this Act.
- (a) All monies payable to the credit of the Board shali forthwith be paid into any Bank as may be decided Oy ttre Sponsoring Body, to tne credit of the Fund and all cheques dratvn on the fund shall be signed by the Secretary, or by such other person as may be authorised by him in 'u,,ritinq on his behalf.

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