[56QQ. Management Fund.- (1) For each committee there shall be constituted a fund to be called the "Management Fund" which shall vest in, and be under the control of the committee.
(2) There shall be placed to the credit of every Management Fund-
(a) save as otherwise provided in sub-section (3) in respect of Kolhapur, the total balances (whether in cash, securities or in any other form) standing to the credit of any endowment held by the State Government immediately before such endowment or the management thereof is transferred to, and vested in, the members of the committee under section 56D ;
(b) a sum not exceeding ten percent, of the gross annual income of each endowment transferred to, or under the management of, the members of the committee as the committee may, with the approval of the State Government fix in this behalf. In fixing such sum regard shall be had to the gross annual income of the endowment, the annual expenditure incurred to give effect to the objects and purposes for which or for the benefit of whom the endowment is founded, created, intended, or is being administered, the liability, if any, to which the endowment is subject, and any other factors which the State Government may either generally or specially specify in the case of any endowment or class of endowments ;
(c) the fees charged for inspection of proceedings of the committee, and for copies of records, maintained by the committee ;
(d) any other sum which the State Government may by order specify in this behalf.
(3) The contributions levied-known as "Devasthan cess" or by whatever name called-on Devasthan inam lands in the former State of Kolhapur, and collected in the Devasthan Fund as provided by the Sar Subha Vat No. 20, dated 29th September 1917 and continued to be levied and collected in that fund as aforesaid under the provisions of Sar Subha Jahirnama No. 36, dated the 5th November 1932, shall, on the commencement of the Bombay Public Trusts (Amendment) Act, 1963 (Mah. VI of 1964), cease to be levied and collected on the Devasthan inam lands aforesaid ; and the total balance (whether in cash, securities or in any other form) to the credit of the said Devasthan Fund at such commencement including the sum accumulated out of the income of the endowments in the former State of Kolhapur (such accumulated sum being commonly known as the Amanat Fund) shall be placed to the credit of the Management Fund of such committee or committees in the district of Kolhapur as may be specified by the State Government in this behalf.
(4) The Management Fund shall, subject to the provisions of this Act and subject to any general or special order of the State Government, be applied to,-
(i) the payment of honorarium, fees and allowances of the chairman, treasurer and other members of the committee ;
(ii) the payment of salaries, allowances and other sums payable to the secretary, officers and servants of the committee ;
(iii) the payment of any expenses lawfully incurred by the committee in the exercise of its powers and in the performance of its duties and functions as provided by section 56N.
(5) The custody and investment of the moneys credited to the Management Fund and the disbursement and payment thereform and the audit of accounts of the Fund shall be regulated in the prescribed manner.]