Amendment status not verified — confirm the current text below against the official source.
Funds of the Authority.-(1)There shall be a fund called as the Karnataka Innovation Authority fund. (2) There shall be credited to the said fund,- (a) All grants, subventions, donations and gifts made by the Central Government, State Government, any local authority or any body, whether incorporated or not or any person; (b) The amount borrowed by the authority; and (c) All other sums received by or on behalf of the Authority from any sources whatsoever. (3) Except as otherwise directed by the Government all money credited to the fund shall be invested in any Nationalized bank or in the State Government treasury. (4) The administrative expenses of the Authority including the salaries, allowances and pension if any, payable to the officers and employees of the Authority shall be defrayed out of the fund of the Authority.