(1) There shall be constituted a Fund to be called the International Financial Services Centres Authority Fund and there shall be credited thereto--
         (a) all grants, fees and charges received by the Authority under this Act; and
         (b) all sums received by the Authority from the sources as may be decided upon by the Central Government.
     (2) The Fund shall be applied for meeting--
         (a) the salaries, allowances and other remuneration of Members, officers and other employees of the Authority; and
         (b) other expenses incurred by the Authority in connection with the discharge of its functions and for the purposes of this Act.