Amendment status not verified — confirm the current text below against the official source.
(1) The Board shall have its own fund. (2) The f1 nd cf the Board shall consist of— (i) all grants, subvetion, donations and gifits received from the Central or State Govern— ment or a local authority or any individuai or body, whether incorporated or not, for all or any of the purposes of this Act, and (ii) all moneys received by or on behalf of the Board by virtue of this Act, 311 proceeds of land or any other kind of property sold by the Board, all rents: betterment «charges and all interest, profit and other maney‘ accruing to the Board. (3) Except as otherwise directed by the State Severn- ment, all} moneys, and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the Reserve Bank of India or in “3113/ sche- duled bank or invested in such securities as may beapptoveci bygjthe State Government. (4) Such amounts shall be operated upen by such officers as may be authorised by the Board. EXPLANATION : For the pufposes of this section the Reserve Bank of India shall mean the Reserve Bank of India constituted under the Reserve Bank Of India Act, 1934 and a scheduled bank shall mean a bank included én 8mm schedule to the said Act.