Amendment status not verified — confirm the current text below against the official source.
(1) The Board shall have its own fund. (2) The Board may accept grants, subventions, donations and gifts from the Central or * [State Government] or a local authority or any individual or body, whether incorporated or not for all or any of the purposes of this Act. (3) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents, betterment charges and all interest, profits and other moneys accruing to the Board shall constitute the fund of the Board. (4) Except as otherwise directed by the Government, all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall, be deposited in the Jammu and Kashmir Bank, or in any Scheduled Bank or invested in such securities as may be approved by the Government. (5) Such account shall be operated upon by such officers as may be authorised by the Board.