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