Section 26 in Maharashtra Secondary and Higher Secondary Education Boards Act, 1965
26. State Board’s Fund, its custody and investment.
(1)The State Board shall have its own Fund, and the following moneys shall be credited thereto, ––(a)fees, royalties and charges (including prescribed penalties) levied by it;(b)grants, assignments, contributions and loans, if any, made to it by the State Government;(c)bequests, donations and endowments, or other contributions, if any;(d)interest on, and sale proceeds of, any securities vested in it;(e)all rents and profits from the property vested in it;(f)other moneys received by or on behalf of it.(2)The Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, or at the discretion of the State Board, be invested in securities authorised by the Indian Trusts Act, 1882.
