Amendment status not verified — confirm the current text below against the official source.
Constitution of Local Biodiversity Fund.—(1) There shall be constituted a Fund to be called the Local Biodiversity Fund at every area notified by the State Government where any institution of self-government is functioning and there shall be credited thereto— (a) any grants and loans made under section 42; (b) any grants or loans made by the National Biodiversity Authority; (c) any grants or loans made by the State Biodiversity Boards; (d) fees referred to in sub-section (3) of section 41 received by the Biodiversity Management Committees; 3[(e) benefit sharing amount and all other sums received by the Local Biodiversity Fund from such other sources as may be decided by the State Government.] 4[44. Application of Local Biodiversity Fund.— (1) The Local Biodiversity Fund shall be utilised in accordance with the regulations and the guidelines made in this behalf, for— (a) the conservation and promotion of biodiversity including restoration of areas falling within the jurisdiction of concerned local body; (b) the socio-economic development of the community without compromising the conservation concerns; and (c) the administrative expenses of the Biodiversity Management Committee. (2) The Fund shall be utilised in such manner as may be prescribed by the State Government.]