(1) There shall be formed a Fund to be called the Coconut Development Fund and there shall be credited thereto--
         ¹ *                             *                             *                             *                             *
         (b) any grants or loans granted by the Central Government for the purposes of this Act;
         (c) any grants or loans that may be made by any person for the purposes of this Act including loans under section 14;
         (d) any grants or donations from State Governments, voluntary organisations or other institutions:
     Provided that no such grant, loan or donation shall be credited to the Fund except with prior approval of the Central Government.
     (2) The Fund shall be applied--
         (a) for meeting the cost of the measures referred to in section 10;
         (b) for meeting the salaries, allowances and other remuneration of the members, officers and other employees, as the case may be, of the Board;
         (c) for meeting the other administrative expenses of the Board and any other expenses authorised by or under this Act;
         (d) for repayment of any loans.