(1) There shall be constituted a Fund to be called the Fund for Technology Development and Application and there shall be credited to the Fund--
         (a) any grants and loans made to the Board by the Central Government under section 8;
         (b) all sums received by the Board from any other source;
         (c) recoveries made of the amounts granted from the Fund; and
         (d) any income from investment of the amount of the Fund.
     (2) The Fund shall be applied for meeting--
         (a) expenses on the objects and for the purposes authorised by this Act;
         (b) salaries, allowances and other expenses of officers and other employees of the Board; and
         (c) expenses of the Board in the discharge of its functions under this Act.