For section 44 of the principal Act, the following section shall be substiututed, namely:—

44. Application of Local Biodiversity Fund.

(1) The Local Biodiversity Fund shall be utilised in accordance with the regulations and the guidelines made in this behalf, for—

(a) the conservation and promotion of biodiversity including restoration of areas falling within the jurisdiction of concerned local body;

(b) the socio-economic development of the community without compromising the conservation concerns; and

(c) the administrative expenses of the Biodiversity Management Committee.