(1) The Board 3hall have three separate Funds to be called the Khadi Fund, the Village Industries Fund and the General and Miscellaneous Fund.
(2) There shall be credited,—
(a) to the Khadi Fund, all sums received by the Board for purposes relating to khadi;
(b) to the Village Industries Fund, all sums received by tha Board for purposes relating to village industries;
(c) to the General and Miscellaneous Fund, all other sums xeceived by the Board:
Provided that if the amount available in any of the said Funds is In excess of the requirements of that Fund and the amount available in any other of the said Funds is insufficient to meet th£ 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 purpose of computing the amount in any of the said Funds, the amount received under section 23 shall not be taken into account.
(3) All moneys belonging to all the Funds referred to in sub-section
(1) shall be deposited in the State Bank of India or in such corresponding new bank as may be specified by the Administrator or, where there is fio such bank, in any Government treasury, or be invested in such securities as may be approved by the Administrator.
Explanation.—"Corresponding new bank" has the meaning assigned to it in clause^ (da) of section 5 of the Banking Hegulation Act, 1949.
(4) The sums credited under sub-section (1),—
(a) to the Khadi Fund, shall be applied for the purposes relating to khadi;
Board to receivo gifts, grants, etc.
Sorrowing power of Board.
Funds of of Board.
g THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Power of Board to spend. - Establishment of Reoenv* Fund.
Budget.
Supplementary Budget Accounts and Audit.
(b) to the Village Industries Fund, shall be applied for the purposes relating to village industries; :
(c) to the General and Miscellaneous fund, shall be applied for the purposes relating to khadi and village industries and for meeting the salary, allowances and other remuneration of the Chairman, Vice- Chairman, secretary, members, Financial Adviser and Chief Account* Officer, Executive Officer and other officers and employees of the Board and other administrative expenses of the Board-
2fl. Subject to the provisions of section 28, the Board shall have power to spend such sums as it thinks fit on purposes authorised by this Regulation:
Provided that nothing in this section shall be deemed to prevent thf Board from spending, with the previous approval of the Administrator, such sums of money as it thinks fit on any such purpose outside the Union territory of the Andaman and Nicobar Islands.