Section 222 - Board's Fund. - Insolvency and Bankruptcy Code, 2016

Board's Fund. 222. (1) There shall be constituted a Fund to be called the Fund of the Insolvency and Bankruptcy Board and there shall be credited thereto - (a) all grants, fees and charges received by the Board under this Code; (b) all sums received by the Board from such other sources as may be decided upon by the Central Government; (c) such other funds as may be specified by the Board or prescribed by the Central Government. (2) The Fund shall be applied for meeting - (a) the salaries, allowances and other remuneration of the members, officers and other employees of the Board; (b) the expenses of the Board in the discharge of its functions under section 196; (c) the expenses on objects and for purposes authorised by this Code. (d) such other purposes as may be prescribed. ********* Notes:- 1. Come into the force w.e.f. 19-08-2016 [F. N. 30/8/2016-Insolvency Section] S.O. 2746(E) dated 19-08-2016