(1)For each managing committee there shall be constituted a fund to be called the "Management Fund" which shall vest in, and be under the control of, the committee.(2)There shall be placed to the credit of every Management Fund of every managing committee -(a)the total balance (whether in cash, securities or in any other form) standing to the credit of any endowment held by the State Government immediately before such endowment or the management thereof was transferred to, and vested in, the members of the committee under section 62;(b)a sum not exceeding ten per cent, of the gross annual income of each endowment transferred to, or placed under the management of, the members of the committee as the committee may, with approval of the State Government, fix in this behalf. In fixing such sum regard shall be had to the gross annual income of the endowment, the average annual expenditure incurred to give effect to the objects and purposes for which the endowment is founded, created, intended or is being administered, the liability, if any, to which the endowment is subject and any other factors which the State Government may cither generally or specially specify in the case of any endowment or class of endowments:Provided that the State Government may, by rules, provide for exemption for any endowment or class of endowments from the whole sum or any part of such sum;(c)the fees charged for inspection of proceedings of the committee, and for copies of records maintained by the committee;(d)any other sum which the State Government may, by order, specify in this behalf.(3)The Management Fund of a managing committee shall, subject to the provisions of this Act and subject to any gen end or special order of the State Government, be applied to -(i)the payment of honorarium, fees and allowances of the Chairman, Treasurer and other members of the committee;(ii)the payments of salaries, allowances and other sums payable to the Secretary and other officers and employees of the committee;(iii)the payment of any expenses lawfully incurred by the committee in the exercise of its powers and in the performance of its duties and functions as provided by section 72.(4)The custody and investment of the moneys credited to the Management Fund and disbursement and payment therefrom and the credit of accounts of the Fund shall be regulated in the prescribed manner.
