Amendment status not verified — confirm the current text below against the official source.
(1) There shall be constituted a Fund to be called the Punjab Education Development Fund, which shall vest in the Board established under section 3. (2) The Fund shall be administered by the Member-Secretary of the Board under the superintendence and control of the Board. Audit. Officers and employees of the Board. Levy and collection of cess. Constitution of Fund. (3) The amount of cess levied and collected under section 6 along with the grants received from the State Government and Local authorities, shall be credited to the Fund within such period and in such manner, as may be prescribed. 1[7-A. (1) Subject to the provisions of any other law for the time being in force, any local body or authority or statutory board or corporation or any department of the State Government may, transfer any land or building belonging to or vested in it, to the Board, free of cost or on nominal price for the establishment of Adarsh Schools. (2) The land or building transferred under sub-section (1), may be utilized by the Board itself for the establishment of Adarsh Schools or the same may be leased out to a private partner on such terms and conditions, as may be agreed upon between the Board and the private partner for the establishment of Adarsh Schools. 7-B. The Board may, or if directed by the Government, shall, establish Adarsh Schools, either directly or through public-private-partnership. 7-C. Notwithstanding anything contained in any other law for the time being in force, the Government, if it considers appropriate and expedient to do so in public interest, it may exempt any Adarsh School, which has been established and is running or the infrastructure, to be used for establishing Adarsh Schools, from the payment of tax, cess, levy or fee or any other charge, which may be imposed, levied or collected by the State Government itself or on its behalf by any authority or body, whether incorporated or not.]