(1) the Board shall have a fund called the "Housing Board Fund" .
(2) The Board may accept grants, subventions, donations and gifts from the Central or State Government or a local authority or individual or body, whether incorporated or not, for all or any of the purposes of this Act.
(3) The Government may every year make a grant to the Board to enable it to meet the deficit in its administrative expense:
Provided that the grant so made, as may be specified by the notification by the Government, shall not exceed to amount incurred by the Government on the administrative set-up of the Housing Department immediately preceding the year of the constitution of the Board.
(4) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents, and all interests, profits and other moneys accruing to the Board, shall constitute the Housing Board- Fund.
(5) Except as otherwise directed by the Government , all moneys forming part of the fund of the Board shall be deposited in the Reserve Bank of India constituted under the Reserve bank of India Act, 1934(Act 2 of 1934) or the state Bank of India constituted under the State Bank of India Act, 1955(Act no.
23 of 1955) or a Bank specified in column 2 of the First schedule to the Banking Companies (Acquisition and Transfer undertaking) Act, 1970(Act 5 of 1970) as amended from time to time or invested in such securities as may be approved by the Government.
(6) Such account shall be operated upon by such officers as may be authorised by the Board.