Amendment status not verified — confirm the current text below against the official source.
(1) The Vidyalaya shall have a Fund to be called the Rabindra Mukta Vidyalaya Fund (hereinafter referred to in this Act as the Fund of the Vidyalaya) to which shall be credited— (a) all sums which may be paid by the State Government under section 27; (b) all fees realised under any of the provisions of this Act; (c) all sums representing income from endowments, if any, or from property owned or managed by the Vidyalaya; and (d) all other sums received by or on behalf of the Vidyalaya from any other source. (2) The Fund of the Vidyalaya shall vest in the Vidyalaya and shall be under its control and shall be held in trust for the purposes of this Act. (3) All moneys payable to the credit of the Fund of the Vidyalaya shall forthwith be paid into the State Bank of India or any nationalised bank to the credit of the Fund of the Vidyalaya, and all cheques drawn on the Fund of the Vidyalaya shall be signed by the Director or by such other person as he may authorise in writing in this behalf.