Amendment status not verified — confirm the current text below against the official source.
(1) There shall be constituted by a Board a fund to be called the Building and Other Construction Workers' Welfare Fund and there shall be credited thereto-- (a) any grants and loans made to the Board by the Central Government under section 23; (b) all contributions made by the beneficiaries; (c) all sums received by the Board from such other sources as may be decided by the Central Government. (2) The Fund shall be applied for meeting-- (a) expenses of the Board in the discharge of its functions under section 22; and (b) salaries, allowances and other remuneration of the members, officers and other employees of the Board; (c) expenses on objects and for purposes authorised by this Act. (3) No Board shall, in any financial year, incur expenses towards salaries, allowances and other remuneration to its members, officers and other employees and for meeting the other administrative expenses exceeding five per cent. of its total expenses during that financial year.