(1) There shall be constituted a Fund to be called the Fund for Science and Engineering Research and there shall be credited to the Fund--
         (a) any grants and loans made to the Board by the Central Government under section 9;
         (b) all sums received by the Board including donations 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 object and for the purposes authorised by this Act;
         (b) salaries, allowances and other expenses of the members, officers and other employees of the Board;
         (c) remunerations of the consultants and visiting scientists; and
         (d) expenses of the Board in the discharge of its functions under this Act.