(1) In every aided school, there shall be a fund, to be called the "School Fund", and there shall be credited thereto—
(a) any aid granted by the Administrator,
(b) income accruing to the school by way of fees, charges or other payments, and
(c) any other contributions, endowments and the like.
(2) The School Fund and all other funds, including the Pupils' Fund, established with the approval of the Administrator, shall be accounted for and operated in accordance with the rules made under this Act.
(3) In every recognised unaided school, there shall be a fund, to be called the "Recognised Unaided School Fund", and there shall be credited thereto income accruing to the school by way of—
(a) fees,
(b) any charges and payments which may be realised by the school for other specific purposes, and
(c) any other contributions, endowments, gifts and the like,
(4) (a) Income derived by unaided schools by way of fees shall be utilised only for such educational purposes as may be prescribed; and
(b) charges and payments realised and all other contributions, endowments and gifts received by the school shall be utilised only for the specific purpose for which they were realised or received.
(5) The managing committee of every recognised private school shall file every year with the Director such duly audited financial and other returns as may be prescribed, and every such return shall be audited by such authority as may be prescribed.