(1) Subject to the provisions of this Act, the fund of the Board shall be applied only to the payment of charges and expenses incidental to the matters specified in this Act; and for any other purpose for which by or under this Act powers are conferred or duties are imposed upon the Board.
(2) After considering the receipt and accumulation of funds, a portion of accumulated balance in the fund may be utilized by the Board, with the previous sanction of the Governing Council, from time to time, for all or any of the following purposes, namely :-
(a) development of the properties of the Board and acquisition of movable and immovable assets for the purposes of the Board;
(b) construction of buildings for the Board;
(c) for management of the Government art institutes as model institute or centre of excellence or for upgradation of specified workshops at the institutes:
Provided that, the funds utilized in any financial year for the aforesaid purpose shall not exceed twenty-five per cent. of the balance in the funds earmarked for the infrastructure development, at the end of preceding financial year:
Provided further that, no amount more than fifty per cent. of such twenty-five per cent. shall be utilized on a single project in that financial year.