(1)For every Gram Panchayat there shall be constituted a Gram Panchayat Fund to which shall be credited-(a)the sum or sums assigned to the fund under clause '(d) of sub-section (2) of section 55;(b)any gifts or contributions received;(c)income from endowments and trusts made in favour, or enterprises under the management, of the Gram Panchayat :Provided that where an endowment or trust is made in favour of two or more Gram Panchayats within the jurisdiction of the same Anchal Panchayat, the income from such endowment or trust shall be apportioned between the Gram Panchayats concerned by the Anchal Panchayat, as far as practicable, in the manner indicated in the instrument creating such endowment or trust, and in the absence of any such indication in the instrument creating such endowment or trust, in such manner as the Anchal Panchayat may think fit :Provided further that when an endowment or trust has been made in favour of two or more Gram Panchayats not within the jurisdiction of the same Anchal Panchayat, the income from such endowment or trust shall be apportioned between the Gram Panchayats concerned by the prescribed authority, as far as practicable, in the manner indicated in the instrument creating such endowment or trust, and in the absence of any such indication in the instrument creating such endowment or trust, in such manner as the prescribed authority may think fit;(d)all sums received by or on behalf of the Gram Sabha or Gram Panchayat under this Act or otherwise.(2)It shall be the duty of every Gram Panchayat to supply, subject to the approval of the prescribed authority, such funds as may be required by the Gram Sabha concerned, to meet the charges incurred by the Gram Sabha in carrying out its duties under this Act.
