(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;
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(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.