Section 222. Board’s Fund. –

(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.