Section 70 ·

(1) Every Primary School Council shall have a fund Primary to be called the Primary School Council Fund to which shall be School Council Fund. credited -- (a) all sums granted by the State Government or the Board for the payment of grants for primary education; (Part III .- Chapter VIII .- Finance and audit .- Sections 71, 72.) (b) all sums granted by the State Government or the Board for the maintenance of primary schools and for payment to the teachers and other staff in primary schools; (c) all sums granted by the State Government or the Board for scholarships for children in primary schools; (d) the proceeds of the education cess levied under this Act within its areas; (e) all sums representing income from endowments or from property owned or managed by the Primary School Council; (f) the amount of all fines and penalties imposed under this Act other than fines and penalties levied by Magistrates; (g) all school fees and fines, if any, collected in primary schools maintained by the Primary School Council; and (h) all other sums received by the Primary School Council from any other sources whatsoever. (2) The fund shall vest in the Primary School Council, shall be under its control and shall be held by it in trust for the purposes of this Act. Application of the Primary School Council Fund.