Section 16. Constitution of Board Fund.

(1) There shall be constituted a Fund to be called "Municipal Property Tax Board Fund" and to which shall be credited,- (a) any Government grants and advances received and fees and charges, if any, levied under this Act or the rules made thereunder, and (b) all sums received by the Board from such other sources as may be decided upon by the State Government. (2) All moneys received by the Board shall be deposited in one or more nationalized banks. (3) The Fund shall be applied for meeting,- (a) the salaries, allowances and other remunerations of the Chairperson and the Members, officers and other employees of the Board, (b) other expenses of the Board in connection with the discharge of its functions and for the purposes of this Act.