Section 23 in The Gujarat Secondary and Higher Secondary Education Act, 1972
23. Board's Fund, its custody and investment.
(1)The Board shall have its own Fund and the following moneys shall be credited thereto:-(a)fees, royalties and charges (including prescribed penalties) levied by it;(b)grants, assignments, contributions and loans if any, given to it by the State Government;(c)bequests, donations and endowments or other contributions, if any, given to it;(d)interest on, and sale proceeds of securities vested in it;(e)all rents and profits from the property vested in it;(f)other moneys received by it or on behalf of it.(2)The Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), in the Postal Savings Bank or in a Co-operative bank approved by the State Government under Section 35 of the Bombay Public Trusts Act, 1950 (XXIX of 1950) or at the discretion of the Board be invested in public securities authorised by the Indian Trusts Act, 1882 (II of 1882).
