(1)On the commencement of this Act there shall be established the Statutory Funds specified in Schedule A.(2)Subject to the provisions of this Act and the rules made thereunder the Statutory Funds established by sub-section (1) shall be held and maintained on behalf of the Governor of Bombay by the Secretary to the Government of Bombay in the Finance Department.(3)On the date of the commencement of this Act, the amount standing to the credit of each of the Earmarked and Endowment Funds specified in Schedule B in the public account of the State shall be paid into the corresponding Statutory Fund established under sub-section (1).
