(1) The Board shall have two separate funds to be called "the Khadi Fund" and "the Village Industries Fund" and all grants and advances made to the funds, from time to time, by the State Government for the purpose of organisation, development or regulation of khadi industries or village industries and all other receipts of the Board shall be credited to the Khadi Fund or the Village Industries Fund, as the case may be, and all payments by the Board in respect of khadi industries or village industries shall be made from the appropriate fund.
(2) All monies belonging to the Board shall be deposited in such custody and in such manner as the State Government may, by special or general order, direct.
(3) The accounts of the Board shall be operated, either jointly or severally as the Board may direct by order made in this behalf, by the Secretary and such other officer or officers of the Board as it may authorise.