Amendment status not verified — confirm the current text below against the official source.
( 1 ) The Commission shall maintain a Fund to which shall be credited- ( a ) all moneys provided by the State and the Central Governments ; (b) all fees, royalties and other charges received by the Commission; ( c ) all moneys received by the Commission by way of grants, gifts, endowments, donations, benefactions, bequests or transfers; and ( d ) all moneys received by the Commission in any other manner or from any other source. ( 2 ) All moneys credited to the Fund shall be deposited in such bank or banks and invested in such manner as the Commission may decide. ( 3 ) The Commission shall be encouraged to create a corpus as a long term measure. ( 4 ) The Fund shall be applied by the Commission towards meeting the expenses of the Commission for the purposes of this Act. Explanation .-For the purposes of this section, the expression "bank" means,- (i) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955) ; ( ii ) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) ; ( iii ) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).