(1) There shall be constituted a fund to be called the Warehousing Development and Regulatory Authority Fund and there shall be credited thereto—

(a) all Central Government grants, fees and charges received by the Authority;

(b) all sums received by the Authority from such other source as may be decided upon by the Central Government;

(c) all sums realised by way of penalties under this Act.

(2) The fund shall be applied for meeting—

(a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority;

(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.