Amendment status not verified — confirm the current text below against the official source.
(1) There shall be constituted a Fund to be known as the Board Fundto which shall be credited— 1[(a) all fees, sale proceeds of text books, penalties royalties and charges levied by the Board]; (b) all bequests, endowments, donations, grants or contributions made to the Board by the State Government or any other Government, person, body or authority; (c) all rents and profits from the property vested in the Board; and (d) all moneys received by or on behalf of the Board from any othersource. (2) All moneys at the credit of the Board shall be kept in the State Bank of India or such other Bank as the State Government may direct: 1Substituted by Punjab Act No. 10 of 1987, Section 9 Constitution of the Board Fund. Provided that the Board may invest such moneys as are not required by it for immediate expenditure, in any of the Government securities or place them in fixed deposit in the State Bank of India. (3) Subject to the provisions of this Act, the Board Fund may be applied only for purpose of payment of the charges and expenses connected with orincidental to the several matters specified in this Act and the regulations made thereunder and for any other purpose for which powers are conferred or duties imposed on the Board by or under this Act. 1[(4) Thenet savings, if any, shall be utilised by the Board for the development of school education, for raising the standard thereof.] 2[(5) The accounts of the Board shall be audited annually by such agency and on payment of such fees, as may be specified by the State Government and a copy of the 3[annual audited accounts, balance sheet and annual administrative reports] shall be submitted by the Board to the State Government each year by such date, as the State Government may specify and as soon as possible, shall be laid before the Houses of the State Legislature.] 20.(1) The Board may, be regulations delegate— (a) any of its powers, except the power to make regulations, to any officer or committee of the Board; or (b) any of the powers vested by this Act in any officer of the Board to any other officer or committee thereof. (2) The officer or committee to whom such delegation is made shall, exercise such powers subject to such restrictions and conditions as may be prescribed. 4[21. (1) The State Government shall exercise superintendence, direction and control over the Board and its officers and may call for any information which it may consider necessary. (2) If the State Government is of the opinion that the Board isnot functioning properly in accordance with the provisionsof this Act, and is abusing its powers or there ismismanagement, it may, by notification in the Official Gazette,supersede the Board: 1Substituted by Punjab Act No. 10 of 1987, Section 9 2Substituted by Punjab Act No. 5 of 2000, Section 4 3 Substituted for words “annual audited accounts and balance sheets” by Punjab Act No. 24 of 2005, Section 10 4Substituted by Punjab Act No. 24 of 2005, Section 11 Control of the State Government over the Board. Delegation. Provided that the period of supersession shall, in no case,exceed one year. (3) When the Board is superseded under sub-section (2), thefollowing consequences shall ensue, namely: - (a) all members of the Board and its committees including the1[Chairman and the Vice-Chairman], shall, from the date ofnotification, vacate their offices; (b) all powers, duties and functions, which under the provisionsof this Act or any regulations made thereunder, areby the Board or any committee thereof or by the Chairmanexercisedor by any other officer of the Board, shall be exercised andperformed by such person (hereinafter referred to as theadministrator), as may be appointed by the State Government in this behalf: Provided that the administrator may, subject to the control ofthe State Government, delegate any of its powers, duties orfunctions to such other person, as he may think fit; and (c) all properties, including the Board Fund vested in the Board, shall, until it is re-constituted, vest in the administrator. (4) The State Government may, at any time appoint a committee consisting of such persons, as it may think fit to enquire into andreport on any policy, administrative, financial or any other matterwhich the State Government may think fit in the interest of schooleducation and functioning of Board. The State Government may,after considering the report of such committee, issue such directionsto the Board, as it may think fit, and the Board shall comply withsuch directions. (5) Copyright of all material developed, printed, published by the Board,shall vest with the State Government. (6) The State Government may get any material pertaining to schooleducation, published or printed from any agency as it may considerappropriate in public interest.]