3. (1) There shall be established by the State Government a Fund called the U. P. Sugar and Power Alcohol Industries Labour Welfare and Development Fund.
(2) The Fund shall be maintained in the prescribed manner in the Reserve Bank of India or with the permission of the State Government in a Schedule Bank.
(3) All sums acquired or to be acquired, or to be paid for and on behalf of the Fund shall be paid by the Collecting Agencies as may be prescribed in the account of the Fund in the Reserve Bank of India, Kanpur or the Scheduled Bank as the case may be.
(4) The Fund shall consist of three separate accounts, viz.
(a) Housing Account,
(b) General Welfare Account,
(c) Development Account.
(5) here shall be credited to each account-
(i) such money or moneys as may be allotted to the account from out of the resources of the Fund by the State Government from time to time by notification in the official Gazette.
(ii) any grants made thereto by the State Government ;
(iii) any contributions made thereto by any other person or persons ; and
(iv) charges, fees or other moneys paid or payable to such account in such manner as may be prescribed; Provided that there shall be credited to the Housing Account, further-
(a) rents, if any, realised from housing accommodation constructed out of such account,
(b) any other moneys received by the Housing Board.
(6) All other moneys received for and on account of the Fund shall be apportioned and credited to each of the aforesaid accounts in the prescribed manner.