(1) There shall be constituted by a Building Workers' Welfare Board a fund to be called the Building and Other Construction Workers' Welfare Fund and there shall be credited thereto—
(a) the amount of any cess levied under sub-section (1) of section 100;
(b) any grants and loans made to the Building Workers' Welfare Board by the Central Government; and
(c) all sums received by the Building Workers' Welfare Board from such other sources as may be decided by the Central Government.
(2) The Building and Other Construction Workers' Welfare Fund shall be applied for meeting—
(a) expenses of the Building Workers' Welfare Board in the discharge of its functions under sub-section (6) of section 7;
(b) salaries, allowances and other remuneration of the members, officers and other employees of the Building Workers' Welfare Board; and
(c) expenses on objects and for purposes authorised by this Code.
(3) No Building Workers' Welfare Board shall, in any financial year, incur expenses towards salaries, allowances and other remuneration to its members, officers and other employees and for meeting the other administrative expenses exceeding five per cent. of its total expenses during that financial year.