(1)For every Gram Panchayat there shall be constituted a Gram Panchayat Fund bearing the name of Gram Panchayat on the basis of the: review and recommendations made by the State Finance Commission and there shall be placed to the credit hereof -(a)contributions and grants, if any, made by the Central or the State Government;(b)contributions and grants, if any, made by a Zilla Panchayat or any other local authority;(c)loans if any granted by the Central and State Government(d)all receipts on accounts or taxes, rates and fees levied by the Gram Panchayat;(e)all sums received by contribution;(f)all other sums received by or behalf of the Gram Panchayat;(g)such percentage of the land revenue collected by it may be collected by the State Government.(2)Every Gram Panchayat shall set apart and apply annually such sum as may be required to meet the cost of its administration including allowances payable to the members.(3)Every Gram Panchayat shall have the power to spend such sums as the State Government may, by order, specify for carrying out the purposes of this Act(4)The Gram Panchayat Fund shall be vested in the Gram Panchayat and the balance to the credit of the Fund shall be kept in such custody as the State Government may direct.(5)Subject to such general control as the Gram Panchayat may exercise from time to time, all orders and cheques for payment from the Gram Panchayat Fund shall be signed by the Sabhapati or in his absence by the Up-Sabhapati.
