(1) There shall be formed a Fund to be called the Jute Fund and there shall be credited thereto--
         (a) any fees that may be levied and collected under this Act or the rules made thereunder;
         (b) any sums of money paid or 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.
     (2) The Fund shall be applied--
         (a) for meeting the cost of the measures referred to in section 7;
         (b) for meeting the salaries, allowances and other remuneration of the officers and other employees of the Council;
         (c) for meeting the other administrative expenses of the Council;
         (d) for repayment of any loans.