(1) The Government may by notification in the Gazette constitute a Fund called the Higher Education Scholarship Fund for providing scholarship to socially and economically backward students admitted in professional colleges or institutions on merrit cum means basis.
(2) The corpus of the fund shall be the contribution from the Government, the amount of fine levied under this Act and the funds raised from any other source including Non-Resident Indians.
(3) The fund shall be administered by an Administrator appointed by the Government. The administration of the fund including the corpus shall be in such manner as may be prescribed.
(4) The accounts of the fund shall be audited annually by the Accountant General.
(5) The administrator shall before such date, in such form and at such interval as may be prescribed submit a report to the Government and the Government shall cause a copy of such report to be laid before the Legislative Assembly.