(1) There shall be constituted a Fund to be called the Inland Waterways Authority of India Fund and there shall be credited thereto--
         (a) any grants and loans made to the Authority by the Central Government under section 18;
         (b) all fees and charges received by the Authority under this Act; and
         (c) all sums received by the Authority from such other sources as may be decided upon by the Central Government.
     (2) The Fund shall be applied for meeting--
         (a) salary, allowances and other remuneration of the members, officers and other employees of the Authority;
         (b) expenses of the Authority in the discharge of its functions under section 14; and
         (c) expenses on objects and for purposes authorised by this Act.