Amendment status not verified — confirm the current text below against the official source.
(1) The Board shall have its own fund and all receipt of the Board shall be credited thereto, and all payments by the Board shall be met therefrom. (2) The Board may accept grants, subventions, donations and gifts and receive loans from Government or a local authority or anybody or association, whether incorporated or not, or an individual for all or any of the purposes or this Act. It may also create reserves for irrecoverable losses and losses in direct trading activities. (3) All moneys belonging of the fund of the Board shall be deposited in a Government Treasury or the State Bank of India, or the Meghalaya Co-operative Apex Bank Ltd., or any other Bank, approved by the Government; Provided that it will not be necessary for all the moneys to be kept in any one Bank or Treasury. (4) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorised by the Board.