Section 8 in The Technology Development Board Act, 1995
Title: Grants and loans by the Central Government
The Central Government may, after due appropriation made by Parliament by law, in this behalf, make to the Board grants and loans of such sums of money as that Government may consider necessary.
Title: Fund for Technology Development and Application
(1) There shall be constituted a Fund to be called the Fund for Technology Development and Application and there shall be credited to the Fund—
(a) any grants and loans made to the Board by the Central Government under section 8;
(b) all sums received by the Board from any other source;
(c) recoveries made of the amounts granted from the Fund; and
(d) any income from investment of the amount of the Fund.
(2) The Fund shall be applied for meeting—
(a) expenses on the objects and for the purposes authorised by this Act;
(b) salaries, allowances and other expenses of officers and other employees of the Board; and
(c) expenses of the Board in the discharge of its functions under this Act.
Title: Transfer of money receipts and liabilities.
On and from the commencement of this Act,--
(a) the moneys standing at the credit of the Venture Capital Fund formed under section 5 of the Research and Development Cess Act, 1986 (32 of 1986) which is part of the Development Assistance Fund established by the Development Bank under section 14 of the Industrial Development Bank of India Act, 1964 (18 of 1964) shall stand transferred to and vest in the Board;
(b) all sums of money due to the Development Bank immediately before such commencement shall be deemed to be due to the Board;
(c) all debts, obligations and liabilities incurred, all contracts or agreements entered into and all matters and things engaged to be done by, with or for the Development Bank immediately before such commencement for or in connection with the purpose of the Venture Capital Fundshall be deemed to have been incurred, entered into or engaged to be done by, with or for the Board; and
(d) all suits and other legal proceedings instituted or which could have been instituted by or against the Development Bank immediately before such commencement may be continued or instituted by or against the Board.
The Board shall prepare, in such form and at such time in each financial year, as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Board and forward the same to the Central Government.
Title: Annual report
The Board shall prepare, in such form and at such time in each financial year, as may be prescribed, its annual report, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government.