Board's fund

(1) The Board shall have a fund to be called the Housing Board Fund. (2) The Board may accept grants, subventions, donations and gifts from the Central 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 shall every year make a grant to the Board of the amount required to meet the administrative expenses of the Board for a period of five years from the date of the constitution of the Board. (4) All moneys received by or on behalf of the Board as proceeds of sale of land or any other property, all rents, betterment charges and all interests, profits and other moneys accruing 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 Reserve Bank of India or in any branch of the State Bank of India or in such other bank as may be approved by the State Government. (6) The account or any cash and the same shall be operated or handled by such officers as may be authorised by the Board: Provided that it shall be lawful for the Board to incur (a) recurring expenditure not exceeding Rs. 5,000 (b) non-recurring expenditure not exceeding Rs. 2,00,000. (7) If in any case where any sum is expended in accordance with the circumstances of extreme urgency, a report indicating the source from which it is proposed to meet the expenditure shall be made by the Board as soon as practicable, to the State Government.