Board’s fund

Board‘s fund

1. (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 made there from.
2. (2) . All moneys belonging to that fund may be deposited or invested i. In any scheduled bank within the meaning of the Reserve Bank of India Act, 1934 (Central Act II of 1934); or ii. in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970); or iii. in the State Bank of India as defined in the State Bank of India Act, 1955 (Central Act 23 of 1955) or its subsidiary banks as defined in the State Bank of India (Subsidiary Banks Act, 1959 (Central Act XXXVIII of 1959); or iv. in such securities as may be approved by the Government.
3. (3) . The Government may, from time to time, make grants, subventions, or advance or loans to the Board for the purposes of this Act on such terms and conditions as the Government may determine.
4. (4) . The Board may accept grants, subventions, donations and gifts from the Central or 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.
5. (5) . The Board may constitute a sinking fund, depreciations reserve fund and other funds in such manner and in such form as may be prescribed.