Section 9: Funds of the Board

9. Funds of the Board.—(1) There shall be constituted for each Board a fund to which shall be credited all sums received by the Board under sub­ section (2) and out of which shall be defrayed all expenditure incurred by the Board, including expenditure on the emoluments of the Chairman, members and officers, servants, experts and consultants of the Board. (2) The Managing Director in respect of every managed establishment shall make to the Board concerned each year such payment to enable it to defray its expenses as the Board may, with the prior approval of the Federal Government in writing, demand of him: Provided that the aggregate amount of payment so demanded of the Managing Directors in any year shall not exceed by more than ten per cent the amount of the estimated expenditure of the Board in that year.

Effective date: 1973-01-01

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