Education fund of local authority.

(1) There shall be constituted for each local authority an education fund, to which shall be credited,-

(a) an annual contribution from the general funds of such local authority not being less than a minimum fixed by the Government in that behalf;

(b) all sums granted to such local authority by the Government for the purpose of providing educational facilities within its jurisdiction;

(c) all fines and penalties levied within the jurisdiction of such local authority under the provisions of this Act;

(d) all income derived from any endowment or other property owned or managed by such local authority for the benefit of education;

(e) all tution fees, if any, collected in educational institutions managed by such local authority;

(f) all other sums of money which may be contributed to or received by, such local authority for the purposes of this Act.

(2) Notwithstanding anything in any other law for the time being in force, the education fund constituted under this section shall be kept separately and shall not be merged with the general revenues of the local authority concerned and it shall be used exclusively for purposes of education.