Amendment status not verified — confirm the current text below against the official source.
(1) Suspect to such rules as may be made in this behalf Ieh gggg‘vgfimm Board may, withthe previous sanction of the Administrator, borrow money from any source as it may deem fit for performing its functions under this Regulation- , Provided that the previous sanction of the Administrator shall not be necessary for borrowrng money from the Commission. 5 THE ANDAMAN AND NICOBAR EXTRAORDlNARY GAZETTE AUG. 10, 1933 Ftutlis at Board Power or Board to spend Eflablishmcnl of Reserve Fund budget (2) The Admi ’strator may guarantee in such manner, as he thinks lit, the repayment of the principal and the payment of interest thereon with respect to loans burrowed by the Board under sub-section (1). 25 :(l)‘The Board shall haverhree eeperate Funds to be called the Khadi‘ Fund, the Village Industries Fund and the General ’and Miscellaneous Fund (2) There shall he credited— (a) to the Khadi Fund, all sums received by the Board tor pur- poses- relating to Khadi; » - r (b) to the Village industries Fund, all sums received by‘ the Board tor purposes relating to village industries; , r (c) to the General and Miscellaneous Fund. all other sums received by the Board 1 Provided that if the amount available in any of the side Funds is in excess of the requirements of that Fund and the amount available in any other of the said Funds is insufficient to meet the requirements of that Fund, 'the Board may, with the previous approval of the Admini- strator, transferrrom the first. mentioned Fund the excess amount or such part thereof as may be necessary to the other Fund, ‘ Explanation :——For the purpose or computing the amount in any of the side Funds, the amount received under section 23 shall not be taken into account. (3) All moneys belonging to all the Funds referred in in sub~section (1) shall be deposited in the State Bank at India or in such correspon- ding new bank as may be specified by the Administrator or, where there is no such bank, in any Government treasury, or be invested in such securities as may be approved by the Administrator, ‘ Explanation :—"Corresoonding new bank“ has the'meaning‘assigneo to it in clause (da)'of section 5 of the Banking Regulation Act, 1949. (4) The sums credited under sub-section (1),— (a) to the Khadi Fund, shall be applied for the purposes relating to khadi; (b) to the Village industries Fund, shall be applied for the purposes relating to village industries - (c) to the General and Miscellaneous Fund, shall be applied for the purposes relaling to khadi and Vlllage idnustries and for meeting the salary, allowances and other remuneration of the'Chair- man. ViccsChairman, Secretary, Members. Financial ’Adviser and Chief Accounts Officer, Executive Officer and other officers and employees of the Board and other administrative expenses of the Board: