Section 61. Improvement Fund

(1) A fund to be called the 'Improvement Fund' of the place where the principal officer of a Trust is situated shall be constituted for each Trust as soon as it is formed. (2) There shall be credited to this Fund- (i) such sums as may be placed by the State Government at the disposal of the Trust, from time to time, either by way of loan or as subsidy; (ii) such contribution from the Municipal Board as may, from time to time, be ordered by the State Government to be made, after considering the relief or addition to the resources of such Board accruing or likely to accrue from the schemes undertaking by the Trust; (iii) the rents, profits and sale proceeds of all lands, buildings and other property vested or vesting in or acquired by the Trust under this Act; (iv) sums borrowed by the Trust with the previous sanction of the State Government subject to the prescribed conditions, for any of the purposes of the Trust; and (v) all fees and charges payable to or received by the Trust under this Act.