(1) There shall be constituted a Fund to be called the Fund for Technology Development and Application and there shall be credited to the Fund-- (a) any grants and loans made to the Board by the Central Government under section 8; (b) all sums received by the Board from any other source; (c) recoveries made of the amounts granted from the Fund; and (d) any income from investment of the amount of the Fund. (2) The Fund shall be applied for meeting-- (a) expenses on the objects and for the purposes authorised by this Act; (b) salaries, allowances and other expenses of officers and other employees of the Board; and (c) expenses of the Board in the discharge of its functions under this Act.Open in Lexace · Ask the AI about this section
Lexace India is a legal-information & technology platform — not a law firm. It does not advertise, solicit work, or provide legal advice, and no advocate–client relationship is created. Bare-act text for general information; verify against the official source.