119Cantonment fund and cantonment development fund

(1) There shall be formed for every cantonment a cantonment fund and there shall be placed to the credit thereof the following sums, namely:--

(a) the balance if any, of the cantonment fund formed for the cantonment under the Cantonments Act, 1924 (2 of 1924);

(b) all sums received by or on behalf of the Board.

(2) There shall also be formed for every cantonment, a cantonment development fund and there shall be placed to the credit, thereof the following sums, namely:--

(i) any sum received from the Central Government or the Government of any State by way of contributions, grants, subsidies or by any other way for the implementation of any specific scheme or for the execution of any specific project;

(ii) any sum received from any individual or association of individuals by way of gift or deposit; and

(iii) any sum raised or borrowed under section 121 for the execution of specific development projects.