(1) A Senior Citizens Welfare Fund shall be established for the protection and social security of senior citizens.
(2) The funds as per sub-section (1) shall have the following amounts:-
(a) Amount received from Government of Nepal,
(b) Funds received from foreign governments, foreign individuals or international associations, organizations,
(c) Amount received from a native person or association, organization,
(d) Amount received from any other source.
(3) Before receiving the amount as per clause (b) of sub-section (2), the Central Senior Citizen Welfare Committee shall take the prior approval of the Government of Nepal.
(4) The amount remaining in the fund under sub-section (1) shall be deposited in the name of the Central Senior Citizens Welfare Committee by opening an account in any commercial bank of the State of Nepal.
(5) The amount of the fund under sub-section (1) shall be used only for the protection and social security of senior citizens.
(6) When using the fund according to sub-section (5), it will be used through the care center or day service center operated by the association, organization established by the Government of Nepal itself or established according to the prevailing law.
(7) Notwithstanding anything contained elsewhere in this section, no amount shall be given or distributed from the fund to any person for his personal purpose.
(8) The operation of the fund under sub-section (1) shall be as prescribed.