1[“(1) The Board shall have two separate funds to be called the Khadi Fund and the Village Industries Fund and all monies received by the Board for the development of Khadi or Village Industries and all receipts from Khadi and Village Industries shall be credited to the Khadi Fund or the Village Industries Fund, as the case may be, and all payments by the Board for or in respect of Khadi or Village Industries shall be made from the appropriate fund:
Provided, however, that if at any time, the amount available in either of the two funds referred to above, excluding gifts, grants, donations or benefactions is in excess of the requirements of that fund and the amount available in the order fund is insufficient to meet the requirements of that , the Board may, with the previous approval of Government, transfer from the first mentioned fund the excess amount or such part thereof as may be necessary to the other fund”.]
(2) The Board may accept grants, subventions, donations and gifts and receive loans from Government or a local authority or anybody or association, whether incorporated or not, or an individual for all or any of the purposes of this Act.
(3) All money belonging to the 1[funds] of the Board shall be deposited in the State Bank of India or with the agents of the State Bank of India or where there is neither an office of the State Bank of India nor an agent of the State Bank of India, in a Government Treasury or be invested in such securities as may be approved by the Government.
(4) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorised by the Board.