Section 4:
Vesting of Fund, etc.
(1) The Fund referred to in sub-section (1) of section 3 shall vest in, and be
administered by, the Board constituted under section 5.
(2) The moneys in the Fund shall be applied for--
(a) meeting the pay and allowances of the employees of the Board and other administrative
expenses of the Board;
(b) carrying out the purposes of this Act.
(3) All moneys in the Fund shall be deposited in 1
[an approved bank] or be invested in such securities
as may be approved by the Government.
2
[Explanation. --In this section, "approved bank" means the State Bank of India constituted under
section 3 of the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in clause (k)
of section 2 of the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959), or a corresponding new
bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1970 (5 of 1970), or a corresponding new bank constituted under section 3 of the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).]
Notes:
1. Subs. by Act 29 of 1997, s. 3, for "the State Bank of India" (w.e.f. 12-11-1998).
2. Explanation added by s. 3, ibid. (w.e.f. 12-11-1998).