(a)There shall be constituted a Fund called the Orissa Loan Stipend Fund and the Fund shall be administered by the Government in the Education and Youth Services (L.S.F.) Department on the advice of a Committee constituted by Government from time to time.Two non-official members are to be nominated by Government to the Committee and they shall hold office for a period of two years or till their successors are nominated by Government.The Committee shall have powers to co-opt any person or persons to help them in regard to the disposal of any application for loan if they consider it necessary. ,(b)Persons contributing or making substantial donations to the Fund may be enrolled as patrons, life members or, benefactors of the Fund.A donor (whether an individual or a firm) shall be enrolled as patrons, life member or benefactor if he makes a contribution of Rs. one lakh in course of five years, Rs. 20,000 in a year and Rs. 10,000 in a year respectively.
