(1) The Board shall have and maintain its own fund to which shall be credited all moneys received by or on behalf of the Board.
(2) The fund shall be applied towards meeting expenses incurred by the Board in the discharge of its functions under this Act and for no other purposes.
(3) All moneys constituting the fund referred to in sub-section (1) shall be kept in the J&K Bank Ltd. or any such other Scheduled or Nationalised Bank as may be determined by the Government : Provided that nothing in this sub-section shall be deemed to preclude the Board from retaining such balance in cash as may be necessary for current payment of day to day expenditure.
(4) At the close of the financial year the Board shall determine the profits that may have accrued to it during the preceding year and remit the profits into Government exchequer as revenue of the Government :
Provided that in determining the profits the Board shall also take into account all expenses due on account of taxes, repayment of loans, interest on loan, liabilities incurred but not redeemed and such reserves as the Government may allow to the Board to build and maintain for smooth running of affairs of the Board.
[(5) The authorised capital of the Board shall be Rs. [10.00] Crores divided into such number of fully paid up shares as the Government may, from time to time determine and each such capital share shall have the same face value.
[(6) The authorised capital of the Board shall be enhanced or reduced reasonably, as and when need arises, by the Board of Directors with the approval of the Government.]