Section 26 of The National Dairy Development Board Act, 1987
- (1)The National Dairy Development Board shall maintain a Fund to be called the National Dairy Development Board Fund to which shall be credited--
- (a)all sums of money vested in the National Dairy Development Board under Chapter II;
- (b)all sums of money that may be provided by Government;
- (c)all fees and other charges received by the National Dairy Development Board;
- (d)all sums of money generated from gift commodities by the National Dairy Development Board or received by it by way of grants, donations, benefactions, bequests or transfers; and
- (e)all sums of money received by the National Dairy Development Board in any other manner or from any other source.
- (2)All sums of money credited to the said Fund shall, subject to the regulations, if any, made in this behalf, be deposited with the State Bank of India or any other nationalised bank. Explanation.--In sub-section "nationalised bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (44 of 1980).
- (3)The said Fund shall be applied towards meeting the administrative and other expenses of the National Dairy Development Board, including expenses incurred in the exercise of the powers and the discharge of its functions and responsibilities under section 16 or in relation to any of the activities referred to therein or for anything relatable thereto.
Summary
- The money in this fund must be deposited with the State Bank of India or another nationalised bank.
- The fund includes money provided by the government, fees charged by the Board, and gifts or donations.
- The fund must be used to pay for administrative expenses and to carry out the powers and functions described in Section 16.
Practical examples
FAQ
1. What is the main fund called in Section 26 of the National Dairy Development Board Act?
Section 26 of the 1987 dairy law establishes a specific account named the National Dairy Development Board Fund.
2. Where is the money kept under Section 26 of the NDDB law?
Under Section 26 of the dairy development act, all collected money must be deposited in the State Bank of India or another nationalised bank. A nationalised bank refers to new banks defined in specific 1970 and 1980 banking laws.
3. What kind of money goes into the fund in Section 26 of the dairy act?
Section 26 of the national dairy board legislation says the fund receives government money, fees, and money generated from gift commodities.
4. How is the fund spent according to Section 26 of the 1987 dairy legislation?
Section 26 of the NDDB Act directs the fund to be used for administrative expenses. It also covers expenses for exercising the board's powers and activities.
Test yourself
Q1.Under Section 26 of The National Dairy Development Board Act, 1987, where must the Board deposit the money in its fund?
Q2.Section 26 of The National Dairy Development Board Act, 1987 says the fund must be used for administrative expenses and functions under Section 16. What is an example of an allowed expense based on Section 16?
Q3.What kind of bank qualifies as a nationalised bank under Section 26 of The National Dairy Development Board Act, 1987?
Q4.Which of the following is NOT listed as a source of money for the fund in Section 26 of The National Dairy Development Board Act, 1987?