30Fund of Regional Centre

(1) The Regional Centre shall maintain a Fund to which shall be credited—

(a) all moneys provided by the Central Government;

(b) all fees and other charges received by the Regional Centre;

(c) all moneys received by the Regional Centre by way of grants, gifts, donations, benefactions, bequests or transfers; and

(d) all moneys received by the Regional Centre in any other manner or from any other source.

(2) All moneys credited to the Fund shall be deposited in such banks or invested in such manner as the Regional Centre may, with the approval of the Central Government, decide.

(3) The fund shall be applied for meeting—

(a) the fees and allowances payable to the Chairperson and members of the Board or Chairperson of the Programme Advisory Committee and members of the other committees and the salaries, allowances and other remunerations payable to the academic staff, officers and other employees of the Regional Centre;

(b) the expenses of the Regional Centre in the discharge of its functions and for the fulfilment of its objects and for purposes as envisaged under this Act.