Section 16. Constitution of Fund

16. Constitution of Fund.— (1) There shall be constituted a fund to be called "the Insurance — Regulatory and Development Authority Fund" and there shall be credited thereto (a) all 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; 1* * * * * (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. 16. Section 28A, in sub-section (1), for "31st day of December", substitute "31st day of March".