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22. Fund of the Foundation.

(1) The Foundation shall have its own Fund; and all sums which may, from time to time, be paid to it by the Central Government and all receipts of the Foundation (including any sum to which the State Government or any other authority or person may pay to the Foundation) shall be credited to the Fund and all payments by the Foundation shall be made therefrom.

(2) All moneys belonging to the Fund shall be deposited in such banks or invested in such manner as may, subject to the approval of the Central Government, be decided by the Governing Board.

(3) The Foundation may spend such sums as it may think fit for performing its functions under this Act, and such sums shall be treated as expenditure payable out of the Fund of the Foundation.

Kalakshetra Foundation Act, 1993 Back

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