(1) There shall be constituted a fund to be called the Warehousing Development and Regulatory Authority Fund and there shall be credited thereto--
         (a) all Central Government grants, fees and charges received by the Authority;
         (b) all sums received by the Authority from such other source as may be decided upon by the Central Government;
         (c) all sums realised by way of penalties under this Act.
     (2) The fund shall be applied for meeting--
         (a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority;
         (b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.