(1) There shall be constituted a fund to be called the Spices Board Fund and there shall be credited thereto—

(a) any grants and loans made to the Board by the Central Government under section 20;

(b) all fees levied and collected in respect of certificates granted under this Act; and

(c) all sums received by the Board from such other sources as may be decided upon by the Central Government.

(2) The Fund shall be applied for meeting—

(a) salary, allowances and other remuneration of the members, officers and other employees of the Board;

(b) expenses of the Board in the discharge of its functions under section 7; and

(c) expenses on objects and for purposes authorised by this Act.