Section 51: Constitution of Fund.

The Competition Act, 2002Central Act · Act 12 of 2003

(1) There shall be constituted a fund to be called the "Competition Fund" and there shall be credited thereto--

(a) all Government grants received by the Commission;

* * * * *

(d) the interest accrued on the amounts referred to in [clauses (a) and (c).]

(2) The Fund shall be applied for meeting--

(a) the salaries and allowances payable to the Chairperson and other Members and the administrative expenses including the salaries, allowances and pension payable to the Director General, Additional, Joint, Deputy or Assistant Directors General, the Registrar and officers and other employees of the Commission;

(b) the other expenses of the Commission in connection with the discharge of its functions and for the purposes of this Act.

(3) The Fund shall be administered by a committee of such Members of the Commission as may be determined by the Chairperson.

(4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying out the objects for which the Fund has been constituted.

Where this provision sits

Act	The Competition Act, 2002
Section	51
Marginal note	Constitution of Fund.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

omitted, Act 39 of 2007. . Cl. (b) omitted by Act 39 of 2007, s. 41 (w.e.f. 12-10-2007).
substituted. . Subs. by s. 41, ibid., for "clauses (a) to (c)" (w.e.f. 12-10-2007).

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