Section 30. Fund of the Board

30.(1) The Board shall create a fund to be called the State Open School Board Fund (hereinafter referred to in this Act as the Fund of the Board) to which shall be credited- (a) all sums which may be paid by the State Government under section 29, (b) all fees and other charges realised under any of the provisions of this Act, (c) all moneys received by the Board from a study centre or by way of grants, gifts, donations, benefactions, bequests or transfer, (d) all sums representing income from endowments, if any, or from property owned or managed by the Board, and (e) all other sums received by the Board on behalf of the open school from any other sources. (2) The Fund shall vest in the Board and shall be under its control and be held in trust for the purposes of this Act (3) All moneys payable to the credit of the Board shall forthwith be paid into the Allahabad Bank or any Nationalised Bank to the credit of the Fund and all cheques drawn on the fund shall be signed by the Director or by such other person as may be authorised by him in writing on his behalf.