(1) There shall be formed a Fund to be called the Coconut Development Fund and there shall be credited thereto—
1 * * * * *
- any grants or loans granted by the Central Government for the purposes of this Act;
- any grants or loans that may be made by any person for the purposes of this Act including loans under section 14;
- any grants or donations from State Governments, voluntary organisations or other institutions:
Provided that no such grant, loan or donation shall be credited to the Fund except with prior approval of the Central Government.
(2) The Fund shall be applied—
- for meeting the cost of the measures referred to in section 10;
- for meeting the salaries, allowances and other remuneration of the members, officers and other employees, as the case may be, of the Board;
- for meeting the other administrative expenses of the Board and any other expenses authorised by or under this Act;
- for repayment of any loans. 1. Clause (a) omitted by Act 4 of 1987, s. 10 (w.e.f. 21-3-1987).