(1)For every Panchayat Samiti, there shall be constituted to a Panchayat Samiti Fund bearing the name of the Panchayat Samiti and there shall be placed to the credit thereof -(a)contributions and grants, if any made by the Central or the State Government, including such part of the land revenue collected in the State as may be determined by the State Government ;(b)contributions and grants, if any made by the Zilla Parishad or any other local authority ;(c)loans,if any granted by the Central or the State Government, or raised by the Panchayat Samiti on security of its assests ;(d)all receipts on accounts of taxes, tolls, rates and fees levied by the Panchayat Samiti ;(e)all receipts in respect of schools, hospitals, dispensaries, buildings, institutions or works vested in, constructed by or placed under the control and management of the Panchayat Samiti ;(f)all sums received as gift or contributions and all income from any trust or endowment made in favour of the Panchayat Samiti;(g)such fines or penalties imposed and realised under the provisions of this Act or of the regulations made thereunder, as may be prescribed ; and(h)all other sums received by or on behalf of the Panchayat Samiti.(2)Every Panchayat Samiti shall set apart and apply annually such sums as may be required to meet the cost of its own administration including the payment of salary, allowances, provident fund and gratuity to the Officers and employees. The total expenditure on establishment shall not exceed one-third of the total expenditure of the Panchayat Samiti.(3)Every Panchayat Samiti shall have power to spend such sums as it thinks fit for carrying out the purposes of this Act.(4)The Panchayat Samiti Fund shall be vested in the Panchayat Samiti and the balance to the credit of the Fund shall be kept in such custody as the Government may, from time to time direct.(5)Subject to such general control as the Panchayat Samiti may exercise from time to time, all orders and cheques for payments from the Panchayat Samiti Fund shall be signed by the Executive Officer.
