Gujarat Secondary and Higher Secondary Education Board
Gujarat Secondary and Higher Secondary Education Board
Education Department - Government of Gujarat
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Act & Rules
Chapter 3 - Finance, Accounts And Audit

1. The Board shall have its own Fund and the following moneys shall be credited thereto :-
a. fees, royalties and charges (including prescribed penalties) levied by it;
b. grants, assignments, contributions and loans if any, given to it by the State Government ;
c. bequests, donations and endowments or other contributions, if any, given to it ;
d. interest on, and sale proceeds of securities vested in it ;
e. all rents and profits from the property vested in it ;
f. other moneys received by it or on behalf of it.
2. The Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, in the Postal Savings Bank or in a Co-operative bank approved by the State Government under section 35 of the Bombay Public Trusts Act, 1950 or at the discretion of the Board be invested in public securities authorized by the Indian Trusts Act, 1882.
24. The Board shall pay every year out of its own Fund to the State Government such amount as the State Government may determine on account of the salary or honorarium, pension, leave and other allowances of the Chairman, Deputy Chairman, Secretary, Joint Secretaries and Assistant Secretaries and other officers and staff of the Board.
25. The State Government may, after due appropriation made by the State Legislature by law in this behalf, make such grants to the Board as the State Government may deem necessary for enabling the Board to discharge its functions under this Act.
1. The Board may, subject to such conditions as may be prescribed in this behalf, borrow money in the open market or otherwise with a view to providing itself with adequate resources.
2. All moneys borrowed under sub-section (1) may be guaranteed by the State Government as to the repayment of principal and the payment of interest at such rates and on such conditions as the State Government may determine at the time the moneys are borrowed.
3. The Board may also accept deposits from institutions or general public for the purpose of providing itself with adequate resources.
27. Subject to the provisions of this Act, the Fund of the Board shall be applied only towards the payment of charges and expenses incidental to the matters specified in this Act and for any other purpose for which by or under this Act, powers and conferred or duties are imposed, upon the Board-
28. No moneys shall be withdrawn by the order from a Bank except upon a cheque or letter of credit signed by two officers of the Board duly authorized by it in this behalf.