(1) The Board shall have its own fund and all receipts of the Board shall be credited thereto and all payments by the Board shall be made therefrom. The fund shall be operated by an officer or officers authorised by the Board, subject to the conditions prescribed.
(2) The Board may accept grants, subventions, donations and gifts and borrow any amount from the State or the Central Government, or the 27[Commission] or a local authority 28[or a commercial bank or a co-operative financing society] for all or any of the purposes of this Act.
(3) The previous sanction of the Government shall be obtained for receiving any loan or borrowing any amount under sub-section (2):
Provided that the provisions of this sub-section shall not apply when the Board receives any loan or borrows any amount from the State Government or the 27[Commission].
(4) The sums borrowed from the Government (State or Central) or the 27[Commission] shall be a charge on the assets of the Board.
27. Substituted for "Central Board" by Act No.5 of 1962.
28. Substituted by Act No.30 of 1981.
Funds of the Board.
14 [Act No. IV of 1959]
(5) All moneys belonging to the fund of the Board shall be deposited in such Bank and Treasury or be invested in such securities as may be approved by the Government.
17. The property, fund and other assets of the Board shall be held and applied by it subject to the provisions, and for the purpose of this Act.