(1) The income of the Board shaIl consist of,-
(a) all fees and other charges received by the Board under the provisions of this Act;
(b) all monies received from the State or Central Government and the University Grants Commission by way of grant, gift or deposit;
(c) donations or other sums received by the Board from any person or institution; and
(d) all other income from endowments and other properties.
(2) The expenses of the Board shall include the salaries and allowances of the Secretary, officers and other employees of the Board, the remuneration payable to examiners, invigilators and other persons employed in relation to, or in connection with, the conduct of the Intermediate examination, the allowances, if any, paid to the members of the Board or its committees for attending meetings of the Board or its committees and such other expenses as are necessary for carrying out the purposes of this Act.
(3) All monies received by the Board shall be lodged in the Government treasury or in any bank specified by the Government.
Income and expenses of the Board.
16 [Act No. 2 of 1971]
(4) The Board may, with the sanction of the Government invest its surplus funds in such manner as may be prescribed.
(5) The monies of the Board so lodged or invested shall be drawn by the Secretary in such manner as may be prescribed.
(6) Any sums placed at the disposal of the Board by the State or Central Government, the University Grants Commission or by any person or other institution for a specific purpose shall be administered by the Board for that purpose, subject to any general or special orders of the Government in that behalf.
(7) The Board shall keep proper account of its income and expenses and the annual accounts of the Board shall be subject to the audit by an auditor appointed annually by the Board.
14. No act or proceeding of the Board or any of its committees shall be deemed to be invalid by reason only of a defect in the constitution of the Board or such committee or on the ground that the Chairman or Vice-Chairman of the Board, or any member of the Board or committees as the case may be was not entitled to hold or continue in such office, or by reason of such act or proceeding having been done or conducted during the period of any vacancy in office of the Chairman or Vice-Chairman of the Board or any of the members of the Board or committee, as the case may be.