Constitution and powers of the Board
7. (1) As soon as may be after the commencement of this Ordinance, the [Government] may, by notification establish a Board, to be known as the [Board of Trustees of the] Railway Servants Benevolent Fund for carrying out the purposes of this Ordinance.
(2) The Board shall be a body corporate, shall be entitled to acquire and hold property and shall have perpetual succession and a common seal.
(3) The Board shall consist of a Chairman and such number of members as may be determined by the [Government] and shall hold office for a term of three years.
(4) Subject to the provisions of this Ordinance and rules made thereunder and such direction, if any, as may be issued by the [Government] in this behalf, the Board shall have power to invest money credited to, and to borrow money for the Fund, and to incur expenditure therefrom for the purposes as specified in section 4.
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Ministry of Law, Justice and Parliamentary Affairs