(1) There shall be formed a Fund to be called the Coconut Development Fund and there shall be credited thereto—

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(b) any grants or loans granted by the Central Government for the purposes of this Act;

(c) any grants or loans that may be made by any person for the purposes of this Act including loans under section 14;

(d) 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—

(a) for meeting the cost of the measures referred to in section 10;

(b) for meeting the salaries, allowances and other remuneration of the members, officers and other employees, as the case may be, of the Board;

(c) for meeting the other administrative expenses of the Board and any other expenses authorised by or under this Act;

(d) for repayment of any loans.


1. Clause (a) omitted by Act 4 of 1987, s. 10 (w.e.f. 21-3-1987).