The Oil Industry (Development) Act, 1974
18. Oil Industry Development Fund.
- There shall be formed a Fund to be called the Oil Industry Development Fund and there shall be credited thereto-
- any sums of money paid under section 16 or section 17;
- any grants that may be made by any person or institution for the purposes of this Act;
- any borrowings by the Board;
- the sums, if any, realised by the Board in carrying out its functions or in the administration of this Act.
- The Fund shall be applied-
- for meeting the salaries, allowances, honoraria and other remuneration of the officers and other employees of the Board and of the advisers, consultants or other agencies whose services are availed of by the Board;
- for meeting the other administrative expenses of the Board;
- for rendering assistance under section 6;
- for repayment of any loans taken by the Board or for meeting other liabilities under this Act.