(1) In every aided school, there shall be two Funds to be called, respectively, the “School Fund” and the “School Staff Account Fund”.
(2) There shall be credited to the School Fund,—
(a) any aid (other than maintenance grant) granted under section 7;
(b) income other than income from fees accruing to the school;
(c) any other contributions, endowments and the like.
(3) There shall be credited to the School Staff Account Fund—
(a) the aid granted by the Administrator by way of maintenance grant;
(b) income accruing to the school by way of fees.
(4) 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.
(5) In every recognized 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,—
(a) by way of fees or other charges, -8-
(b) save as otherwise provided in clause (a), charges and payments which may be realized by the school for other specified purposes, and
(c) any other contributions, endowments, gifts and the like.
(6) (a) income derived by unaided schools by way of fees or other charges shall be utilized only for such educational purposes as may be prescribed; and
(b) save as otherwise provided in clause (a) charges and payments realized and all other contributions, endowments and gifts received by the school shall be utilized only for the specific purpose for which they were realized or received.
(7) The managing committee of every recognized 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.
CHAPTER IV Terms and conditions of service of employees of recognized private schools