(1) Subject to the provisions of this Act, the Board Fund shall be applicable,-
(i) only to the payment of the charges and expenses incidental to the several matters specified in this Act; and
(ii) to any other purposes for which by or under this Act powers are conferred or duties imposed upon the Board.
(2) The annual net savings shall be placed at the disposal of the Government exclusively for the development of school education in Himachal Pradesh.
1 [15. Annual report and the audit of the accounts of the Board.- (1) The Board shall prepare once in every financial year, in such form and at such time as may be directed by the State Government, an annual report giving a true and full account of its activities during the previous financial year.
(2) The Board shall cause to be maintained such books of accounts and other books in relation to its accounts and shall, as soon as may be after closing its annual accounts, prepare a statement of accounts in such form and in such manner as the State Government may, by general or special order, direct.
(3) The accounts of the Board shall be audited annually by such agency 2 as may be specified by the State Government.
(4) The annual report prepared under sub-section (1) and the audit report prepared under sub-section (2) shall be submitted by the Board to the State Government immediately after the close of each financial year and the State Government shall, as soon as may be after furnishing of these reports by the Board to it, but within a period of nine months after the close of financial year to which these reports pertain, cause such reports to be laid before the State Legislative Assembly].