(1)The Board shall have a fund called the Housing Board Fund.(2)The Board may accept grants, subventions, donations and gifts from the Central Government or State Government or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.(3)The State Government may, from time to time, make grants to the Board to enable it to meet its administrative expenses.(4)All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents and all interest, profits and other moneys accruing to the Board shall be credited to the Housing Board Fund.(5)Except as otherwise directed by the State Government, all moneys forming par1 of the Fund of the Board shall be deposited in the Reserve Bank of India or in any Scheduled Bank or invested in such securities as may be approved by the State Government.(6)Such account shall be operated upon by such officers as may be authorised by the Board.Explanation - For the purposes of this section, the Reserve Bank of India shall mean the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934) and a Scheduled Bank shall mean a Bank included in the Second Schedule to the said Act.
