(1) The Maharashtra Legislature Secretariat shall, on allotment of land by the State Government under section 6B, constitute a fund to be called "the Gymkhana Fund", "the Club Fund", or "the Recreation Centre Fund", as the case may be. Such fund shall consist of,-
(i) initial grant of not less than rupees five crores given by the State Government, after appropriation duly made in this behalf, by law;
(ii) Membership fees, donations, endowments or any other money received by such institution by way of rent or any other source.
(2) The Gymkhana, Club or the Recreation Centre, as the case may be, shall keep the current and savings deposit account with the State Bank of India or any other nationalised bank.
(3) Such account shall be operated by such office bearers as may be authorised by the Managing Committee.
(4) The Managing Committee shall lay before both Houses of the State Legislature, its Annual Report, not later than three months from the expiry of every financial year.]