(1) There shall be constituted a separate fund to be called the Management Fund, which shall vest in, and be, under the control of the Committee.
(2) Having regard to the balance, if any, available in the Management Fund, there shall be placed to the credit of this Fund every year such sum, not exceeding ten per cent. of the approximate gross annual income of the Trust in the last preceding year, as may be fixed by the Committee, with the approval of the State Government. The State Government may, at any time, if found necessary, direct any additional sum to be credited to this Fund from the Trust Fund in any year.
(3) The Management Fund shall, subject to any general or special order of the State Government, be applied to-
(a) the payment of honorarium, fees and allowances to the Chairman, Treasurer and other members of the Committee;
(b) the payment of salaries, allowances and other sums payable to the Executive Officer, other officers and servants of the Committee;
(c) the payment of any expenses lawfully incurred by the Committee or any member or officer or servant in the exercise of their powers and performance of their duties and functions under this Act.