National Oil Seeds and Vegetable Oils Development Board Act : CONSTITUTION OF OILSEEDS AND VEGETABLE OILS

National Oil Seeds and Vegetable Oils Development Board Act,1983

Act No : 29

Section : CONSTITUTION OF OILSEEDS AND VEGETABLE OILS DEVELOPMENT FUND

SECTION 12: CONSTITUTION OF OILSEEDS AND VEGETABLE OILS DEVELOPMENT FUND

( 1 ) There shall be formed a Fund to be called the Oilseeds and Vegetable Oils Development Fund and there shall be credited thereto-

(a) any fees that may be levied and collected under this Act or the rules or regulations made thereunder;

(b) any sums of money paid or any grants or loans granted by the Central Government for the purposes of this Act;

(c) any grants or loans that may be made by any person for the purposes of this Act (including loans obtained by the Board under section 13-);

(d) any grants or donations from State Governments, voluntary organisations or other institutions.

(2) The Fund shall be applied-

(a) for meeting the cost of the measures referred to in section 9-;

(b) for meeting the salaries, allowances and other remuneration of the members, officers and other employees, as the case may be, of the Board:

(c) for meeting the other administrative expenses of the Board and any other expenses authorised by or under this Act;

(d) for repayment of any loans.