222.Board’s Fund.

222. ( 1 ) There shall be constituted a Fund to be called the Fund of the Insolvency and Bankruptcy Board and there shall be credited thereto—

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

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

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

( 2 ) The Fund shall be applied for meeting—

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

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

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

( d ) such other purposes as may be prescribed.