(1) Every School shall maintain a Fund to which shall be credited to—
(a) all moneys provided by the Central Government;
(b) all fees and other charges received by the School;
(c) all moneys received by the School by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all moneys received by the School from utilisation of intellectual property arising from research conducted or provision of advisory or consultancy services by it; and
(e) all moneys received by the School in any other manner or from any other source.
(2) All moneys credited to the Fund of every School shall be deposited in such banks or invested in such manner as the School may, with the approval of the Finance Committee and the governing body, decide.
(3) The fund of any School shall be applied towards meeting the expenses of the School, including expenses incurred in the exercise of its powers and discharge of its duties under this Act.