26National Dairy Development Board Fund

(1) The National Dairy Development Board shall maintain a Fund to be called the National Dairy Development Board Fund to which shall be credited--

(a) all sums of money vested in the National Dairy Development Board under Chapter II;

(b) all sums of money that may be provided by Government;

(c) all fees and other charges received by the National Dairy Development Board;

(d) all sums of money generated from gift commodities by the National Dairy Development Board or received by it by way of grants, donations, benefactions, bequests or transfers; and

(e) all sums of money received by the National Dairy Development Board in any other manner or from any other source.

(2) All sums of money credited to the said Fund shall, subject to the regulations, if any, made in this behalf, be deposited with the State Bank of India or any other nationalised bank.

Explanation.--In sub-section "nationalised bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (44 of 1980).

(3) The said Fund shall be applied towards meeting the administrative and other expenses of the National Dairy Development Board, including expenses incurred in the exercise of the powers and the discharge of its functions and responsibilities under section 16 or in relation to any of the activities referred to therein or for anything relatable thereto.