Section 2K: Fund

2K. Fund.__ (1) There shall be established a fund to be known as Social Media Protection and Regulatory Authority Fund which shall vest in the Authority and shall be utilized by the Authority to meet its financial needs in connection with carrying out its functions, including expenses incurred in setting up and maintaining offices, purchasing and maintaining, equipment, payment of salaries and other remunerations to the Chairperson, members, employees, experts and consultants of the Authority and any other expenditures that may be incurred in carrying out the purposes of this Act and matters incidental thereto. (2) The Fund shall consist of__ (a) seed money and grant from the Federal Government; (b) any fee prescribed by the Authority; (c) loans obtained with special or general sanction of the Government; and (d) all other sums and additional fees received by the Authority and revenue received from any other source. (3) The Authority may open and operate one or more accounts in local or foreign currency, in any scheduled bank in Pakistan. (4) The Authority, may invest its funds in such investments as it may, from time to time, determine, except fund provided by the Government.

Effective date: 2016-08-18

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