(1) There shall be constituted a fund to be called the National Nursing and Midwifery Commission Fund, which shall form part of the public account of India and there shall be credited thereto---
(a) all fees, penalties and charges received by the National Commission and the Autonomous Boards;
(b) all sums received by the National Commission from such other sources as may be decided by it.
(2) The Fund shall be applied for making payment towards--
(a) the salaries and allowances payable to the Chairperson, Secretary and Members of the National Commission, the Presidents and Members of the Autonomous Boards and the administrative expenses including the salaries and allowances payable to the officers and other employees of the National Commission and Autonomous Boards;
(b) the expenses incurred in carrying out the provisions of this Act, including in connection with the discharge of the functions of the National Commission and the Autonomous Boards.