(1) The owner of every coal mine, to whom any money is disbursed under section 9, shall open a separate account in a scheduled bank, to be known as the "Coal Mine Conservation and Development Account" and shall credit to the said Account all sums so disbursed to him:
     Provided that where it is necessary so to do in relation to the different groups of coal mines owned by an owner, separate accounts may be opened in relation to each such group of coal mines.
     (2) The money standing to the credit of the Coal Mine Conservation and Development Account and accretions thereto shall be applied by the owner of the coal mine to--
         (a) the furtherance of the objects of this Act;
         (b) the acquisition of stowing or other materials needed for stowing operations in coal mines;
         (c) the execution of stowing and other operations in furtherance of the objects of this Act;
         (d) the prosecution of research work connected with the conservation, development and utilisation of coal and safety in coal mines;
         (e) the planning and development of coal mines in a scientific manner; and
         (f) any other expenditure which the Central Government may direct to be defrayed out of the money standing to the credit of the Account.
     (3) The Account, referred to in sub-section (1), shall be kept in such manner and in such form as may be prescribed, and every such account shall be audited by the same person by whom the accounts of the owner of the coal mine are audited.