(1)There shall be established a Fund called the "Orissa Eduction Development Fund" which shall west in and shall be administered by a Committee to be constituted by the State Government in the prescribed manner.(2)All sums received by the Committee as contributions from the State Government or as donations from other sources shall be credited, to the Fund.(3)Subject to the rules made in that behalf, the Fund shall be utilised for the following purposes, namely.-(a)grants in favour of educational institutions for implementation of improvement schemes;(b)grant of interest free loans to educational institutions; and(c)such other purposes as may be prescribed.
