Provided that the previous sanction of the Administrator shall not be necessary to borrow any sum from the Commission.

Funds of the Board

1. (1) The Board shall have two separate funds known as the khadi fund and the village industries fund and all the receipts obtained by the Board from time to time by way of grants, donations, gifts, advances or loans for the purpose of khadi or village industries shall be credited to the Khadi fund or, as the case may be, the village industries fund and all payments by the Board for or in respect of khadi or village industries shall be made from the appropriate fund.
2. (2) The Board may accept grants, donations and gifts from the Central Government or the Government of a State or Union territory or any local authority or anybody or association whether incorporated or not or any individual for all or any of the purposes of this Act.
3. (3) If at any time the amount available in either of the two funds referred to in sub-section
4. (1) is in excess of the requirements of that fund and the amount available in the other fund is insufficient to meet the requirements of that fund, the Board may, with the previous approval of the Administrator, transfer from the first mentioned fund the excess amount or such part thereof as may be necessary to the other fund. Explanation - For the purposes of computing the amount available in either of the two funds, the amounts accepted under sub-section
5. (2) shall not be taken into account.
6. (4) All moneys belonging to the Board shall be deposited with the State Bank of India or a subsidiary bank or where there is no office of the State Bank of India or subsidiary bank, in Government Treasury or be invested in such securities as may be approved by the Central Government.
7. (5) The accounts of the Board shall be operated upon by such officers jointly individually as may be authorised by the Board.