(1) There shall be constituted a Fund to be called the State Electricity Regulatory Commission fund and there shall be credited thereto-- (a) any grants and loans made to the State Commission by the State Government under section 102;
         (b) all fees received by the State Commission under this Act;
         (c) all sums received by the State Commission from such other sources as may be decided upon by the State Government.
     (2) The Fund shall be applied for meeting--
         (a) the salary, allowances and other remuneration of Chairperson, Members, Secretary, officers and other employees of the State Commission;
         (b) the expenses of the State Commission in discharge of its functions under section 86;
         (c) the expenses on objects and for purposes authorised by this Act.
     (3) The State Government may, in consultation with the Comptroller and Auditor-General of India, prescribe the manner of applying the Fund for meeting the expenses specified in clause (b) or clause (c) of sub-section (2).