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Funds to be kept by boards.
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29.—(1) Every board shall keep a fund (in this section referred to as the fund) and shall maintain and manage such fund in accordance with this Act.
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(2) All moneys received by a board under this Part of this Act shall be paid by such board into the fund of such board.
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(3) There shall be paid out of the fund of such board the following moneys and no other moneys, that is to say, all moneys required by this Part of this Act to be paid by such board and all other expenses incurred by such board in the execution of their powers and duties under this Part of this Act.
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(4) A board may for the purpose of meeting charges required by this Part of this Act to be paid out of the fund of such board borrow on the security of such fund.
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(5) So much of the fund of a board as in the opinion of such board is for the time being not immediately required for the payment of sums payable out of the said fund under this Part of this Act shall be invested by such board in securities in which trustees are by the law for the time being in force authorised to invest trust funds.
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(6) A board may from time to time at their discretion vary or transpose all moneys invested under this section into other investments authorised under this section and may at any time sell and convert into money all or any investments made by them under this section.
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(7) All dividends and interest received by a board on investments made by them under this section or in respect of the sale of any such investments shall be paid into the fund of such board.
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Registration of producers, retailers and wholesalers.
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