(1) The Board shall administer the Fund.
(2) In the administration of the Fund, the Board shall, subject to the provisions of this Act and the regulations made thereunder,–
(a) hold the amount and assets belonging to the Fund in trust;
(b) receive applications for admission or re-admission to the Fund, and dispose of such applications within ninety days from the date of receipt thereof;
(c) receive applications from the members of the Fund, their nominees or legal representatives, as the case may be, for payment out of the Fund, conduct such enquiry as it deems necessary for the disposal of such applications within five months from the date of receipt thereof;
(d) record in the minute book of the Board, its decisions on the applications;
(e) pay to the applicants amounts at the rates specified in the schedule;
(f) sanction employment of such officers and servants as it may think necessary for performance of its duties and functions under this Act and determine their conditions of service;
(g) communicate to the applicants by registered post with acknowledgement due the decisions of the Board in respect of applications of admission or re-admission to the Fund or claims to the benefit of the Fund.
(h) do such other acts as are, or may be, required to be done by it under this Act and the regulations made thereunder.