(1) There shall be constituted a Fund to be known as the Board Fundto which shall be credited— 1[(a) all fees, sale proceeds of text books, penalties royalties and charges levied by the Board];
(b) all bequests, endowments, donations, grants or contributions made to the Board by the State Government or any other Government, person, body or authority;
(c) all rents and profits from the property vested in the Board; and
(d) all moneys received by or on behalf of the Board from any othersource.
(2) All moneys at the credit of the Board shall be kept in the State Bank of India or such other Bank as the State Government may direct:
1Substituted by Punjab Act No. 10 of 1987, Section 9 Constitution of the Board Fund.
Provided that the Board may invest such moneys as are not required by it for immediate expenditure, in any of the Government securities or place them in fixed deposit in the State Bank of India.
(3) Subject to the provisions of this Act, the Board Fund may be applied only for purpose of payment of the charges and expenses connected with orincidental to the several matters specified in this Act and the regulations made thereunder and for any other purpose for which powers are conferred or duties imposed on the Board by or under this Act.
1[(4) Thenet savings, if any, shall be utilised by the Board for the development of school education, for raising the standard thereof.]
2[(5) The accounts of the Board shall be audited annually by such agency and on payment of such fees, as may be specified by the State Government and a copy of the 3[annual audited accounts, balance sheet and annual administrative reports] shall be submitted by the Board to the State Government each year by such date, as the State Government may specify and as soon as possible, shall be laid before the Houses of the State Legislature.]
20.(1) The Board may, be regulations delegate—
(a) any of its powers, except the power to make regulations, to any officer or committee of the Board; or
(b) any of the powers vested by this Act in any officer of the Board to any other officer or committee thereof.
(2) The officer or committee to whom such delegation is made shall, exercise such powers subject to such restrictions and conditions as may be prescribed.