State Act

The Maharashtra State Board of Technical Education Act, 1997.

37. Boards Fund, its custody and investment.— (1) The Board shall have its own Fund, and the following moneys shall be credited thereto :— (a) fees, royalties and charges, including penalties, levied and collected by the Board; (b) grants, assignments, contributions and loans, if any, made to it by the Government; (c) bequests, donations and endowments or other contributions, if any; (d) interest on, and sale proceeds of, any securities vested in it; (e) all rents and profits from the property vested in it; (f) other moneys received by, or on behalf of, the Board. (2) The Board may keep in current or deposit account with the State Bank of India or with any Schedule Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934) which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949 (X of 1949) or with any other bank approved by the Government, in this behalf, such sum of money out of its Fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the Government. (3) Such accounts shall be operated upon by such officers of the Board as may be authorised by it by regulation made in this behalf. 2[(4) The Board shall have a power to continue to earmark funds or to newly earmark funds from the funds of the current year or from the accumulated surplus of previous years, for specific objectives such as student development activities, student scholarship, project competitions, enterprise incubation and innovation, infrastructure development, employees salary protection fund, establishment and development of Skill Center and Center of Excellence or any other objectives.]