Amendment status not verified — confirm the current text below against the official source.
(I) The Board shall have its own funds to be known as Khadi and Village Industries Fund and all receipts obtained by the Board from time to time by way of grants, donations, gifts, advances or loans for the purpose of Khadi or Village industries shall be credited to the said fund and all payments by the Board for or in respect of Khadi or Village Industries shall be meet from that fund. (2) The Board may accept grants, donations and gifts and received loan from the Central Government or the Government of any State or Union Territory or any local authority or anybody or association whether incorporated or not, or an individual for all or any of the purposes of this Act. (3) All moneys belonging to the Board shall be deposited in any nationalised Bank or in a Government Treasury or be invested in such securities as may be approved by the Government. (4) The accounts of the Board shall be operated upon by such officers jointly or individually, as may be authorised by the Board. Power of the Board to spend.