Section 39. Funds of Board, its custody and investment.

(1) The Board shall have its own fund and the following moneys shall be credited thereto,- (a) fees, royalties and charges including penalties, levied and collected by the Board; (b) grants, assignments, contributions and loans, if any, made to it by the Government; (c) bequests, donations and endowments or other contributions, if any; (d) interest on, and sale proceeds of, any securities vested in it; (e) all rents and profits from the property vested in it; (f) other moneys received by, or on behalf of, the Board. (2) The Board may keep in current or deposit account with the State Bank of India or with any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934) which holds a license issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949 (X of 1949), or with any other bank approved by the Government, in this behalf, such sum of money out of its Fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the Government. (3) Such accounts shall be operated upon by such officers of the Board as may be authorized by it by regulations made in this behalf. (4) The Board shall have a power to continue and create earmarked funds for specific objectives, from current year or from accumulated surplus after transfer to corpus, including but not limited to student development activities, student scholarship, project competitions, enterprise incubation and innovation, civil works, employees" salary protection fund, establishment and development of skill centre and centre of excellence or any other objectives.