Section 222 · Board?s Fund

(1) There shall be constituted a Fund to be called the Fund of the Insolvency and Bankruptcy Board and there shall be credited thereto—

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(a) all grants, fees and charges received by the Board under this Code;

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(b) all sums received by the Board from such other sources as may be decided upon by the Central Government;

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(c) such other funds as may be specified by the Board or prescribed by the Central Government.

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(2) The Fund shall be applied for meeting—

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(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Board;

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(b) the expenses of the Board in the discharge of its functions under section 196;

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(c) the expenses on objects and for purposes authorised by this Code;

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(d) such other purposes as may be prescribed.

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