(1)There shall be constituted a Fund to be called the State Biodiversity Fund and there shall be credited thereto-(a)any grants and loans made to the State Biodiversity Board under section 31;(b)any grants or loans made by the National Biodiversity Authority;(c)all sums received by the State Biodiversity Board from such other sources as may be decided upon by the State Government.(2)The State Biodiversity Fund shall be applied for-(a)the management and conservation of heritage sites;(b)compensating or rehabilitating any section of the people economically affected by notification under sub-section (1) of section 37;(c)conservation and promotion of biological resources;(d)socio-economic development of areas from where such biological resources or knowledge associated thereto has been accessed subject to any order made under section 24, in consultation with the local bodies concerned;(e)meeting the expenses incurred for the purposes authorised by this Act.
