(1) There shall be constituted a Fund to be called the Local Biodiversity Fund at every area notified by the State Government where any institution of self-government is functioning and there shall be credited thereto--
         (a) any grants and loans made under section 42;
         (b) any grants or loans made by the National Biodiversity Authority;
         (c) any grants or loans made by the State Biodiversity Boards;
         (d) fees referred to in sub-section (3) of section 41 received by the Biodiversity Management Committees;
         (e) all sums received by the Local Biodiversity Fund from such other sources as may be decided upon by the State Government.