Board's fund, its custody and investment.

§41

Summary

(1) The Board shall have its own fund, and the following money shall be credited thereto,- (a) fees, royalties and charges, including penalties, levied and collected by the Board ; (b) grants, subventions, contributions and financial assistance, if any, made to it by the Government or otherwise ; (c) bequests, donation and endowments or other contributions, if any; (d) interest and dividends on, and sale proceeds of, any securities vested in it ; (e) all rents and profits from the property vested in it ; (f) other money received by, or on behalf of, the Board. (2) The Board shall establish the following funds, namely :- (a) general fund ; (b) salary fund,- (i) for all posts approved by the State Government; (ii) for all other post separately ; (c) trust fund ; (d) development and programme fund ; (e) contingency fund. (3) Any other fund which in the opinion of the Board is deemed necessary to establish. The establishment and utilization of which shall be as prescribed by regulations. (4) The following shall form part of, or be paid into the general fund,- (a) non-salary contribution or grant, received from the State Government or Central Government or Corporate Social Responsibility Funds under the Companies Act, 2013 (18 of 2013) ; (b) all incomes of the Board from any source whatsoever including income from fees, other fees and charges ; (c) any sums borrowed from the banks, or any other agency, with the permission of the Government ; (d) sums received from any other source or agency. (5) The salary fund shall consist of all amounts received from the State Government, Central Government or any other endowment or contribution received towards full or part payment of the salary and allowances. No amount from this fund shall be utilized for the purpose other than payment of salaries and allowances. (6) All income on moneys from trust, bequest, donations, endowments, subventions and similar grants shall form part of the trust fund. (7) (a) The development and program fund of the Board shall consist of all infrastructure development grants received from the State Government, all contributions made by the industry, banks and financial institutions or any person or institution. (b) No amount from this fund shall be appropriated to any other fund of the Board or expanded for any other purpose. (c) The development and program fund shall be utilized in the manner consistent with the object of the program and as per the guidelines of the funding agency on expenditure and audit, to be granted and approved by the Governing Council. (8) The Board shall have and maintain a contingency fund under a separate head of the Board accounts which shall be used only for the purpose of meeting any unforeseen expenditure. (9) Surplus money at the credit of these funds, including accruals thereto, which cannot immediately or at any early date be applied for the purposes aforesaid shall, from time to time, be deposited in the Nationalized or Scheduled Banks or invested in any other Equity or securities issued by the Corporations having financial participation of the State Government. (10) The Board may keep in current or deposit account with the State Bank of India or with any Schedule Bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934), which holds a license issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949 (10 of 1949), or with any bank approved by the Government, in this behalf, such sum of money out of its fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the Government. (11) Such accounts shall be operated upon by such officers of the Board as may be authorized by the Board or regulation made in this behalf.

(1) The Board shall have its own fund, and the following money shall be credited thereto,- (a) fees, royalties and charges, including penalties, levied and collected by the Board ; (b) grants, subventions, contributions and financial assistance, if any, made to it by the Government or otherwise ; (c) bequests, donation and endowments or other contributions, if any; (d) interest and dividends on, and sale proceeds of, any securities vested in it ; (e) all rents and profits from the property vested in it ; (f) other money received by, or on behalf of, the Board. (2) The Board shall establish the following funds, namely :- (a) general fund ; (b) salary fund,- (i) for all posts approved by the State Government; (ii) for all other post separately ; (c) trust fund ; (d) development and programme fund ; (e) contingency fund. (3) Any other fund which in the opinion of the Board is deemed necessary to establish. The establishment and utilization of which shall be as prescribed by regulations. (4) The following shall form part of, or be paid into the general fund,- (a) non-salary contribution or grant, received from the State Government or Central Government or Corporate Social Responsibility Funds under the Companies Act, 2013 (18 of 2013) ; (b) all incomes of the Board from any source whatsoever including income from fees, other fees and charges ; (c) any sums borrowed from the banks, or any other agency, with the permission of the Government ; (d) sums received from any other source or agency. (5) The salary fund shall consist of all amounts received from the State Government, Central Government or any other endowment or contribution received towards full or part payment of the salary and allowances. No amount from this fund shall be utilized for the purpose other than payment of salaries and allowances. (6) All income on moneys from trust, bequest, donations, endowments, subventions and similar grants shall form part of the trust fund. (7) (a) The development and program fund of the Board shall consist of all infrastructure development grants received from the State Government, all contributions made by the industry, banks and financial institutions or any person or institution. (b) No amount from this fund shall be appropriated to any other fund of the Board or expanded for any other purpose. (c) The development and program fund shall be utilized in the manner consistent with the object of the program and as per the guidelines of the funding agency on expenditure and audit, to be granted and approved by the Governing Council. (8) The Board shall have and maintain a contingency fund under a separate head of the Board accounts which shall be used only for the purpose of meeting any unforeseen expenditure. (9) Surplus money at the credit of these funds, including accruals thereto, which cannot immediately or at any early date be applied for the purposes aforesaid shall, from time to time, be deposited in the Nationalized or Scheduled Banks or invested in any other Equity or securities issued by the Corporations having financial participation of the State Government. (10) The Board may keep in current or deposit account with the State Bank of India or with any Schedule Bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934), which holds a license issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949 (10 of 1949), or with any bank approved by the Government, in this behalf, such sum of money out of its fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the Government. (11) Such accounts shall be operated upon by such officers of the Board as may be authorized by the Board or regulation made in this behalf.

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