(1) The Board shall have its own fund ..
(2) The fund of the Board shall consist of-
(i) all grants, subventions, donations and gifts received from the Central or State Govern ment or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act, and
(ii) all moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents, betterment charges and all interest, profit and other moneys . accruing to the Board.
(3) Except as otherwise directed by the State Go vernment, 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 scheduled bank or invested in such securities as may be approved by the State Govern ment.
(4) Such amounts shall be operated upon by such officers as may be authorised by t he Board.
Explanation:-For the purposes of this section the Reserve Bank of India shall mean the Reserve Bank of Jndia constituted under the Reserve Bank of India Act, 1934 and a scheduled bank shall mean a bank included in the Second schedule to the said Act.
60. All property, fund and all other assets vesting in the Board shall be held and applied by it, subject to the provisions and for the purposes of this Act.