(1) According to sub-section (1) of Section 50 of the Act, the following funds shall be in the Sportsmen's Welfare Fund :- (a) Amounts received from the Government of Nepal, (b) Amounts received from the Council, (c) Amounts received from indigenous associations, organizations or individuals, (d) Funds received from foreign governments or international associations, organizations or individuals, (e) Funds received from any other source.
(2) The approval of the Government of Nepal, Ministry of Finance should be obtained before receiving the amount as per clause (d) of sub-rule (1).
(3) The amount remaining in the fund should be deposited in an account/room in a commercial bank established in accordance with the prevailing laws relating to banks and financial institutions.
(4) According to sub-rule (3), for the maximum return on the amount deposited in the bank, at least once a year, a fixed account should be opened and deposited in a commercial bank selected on the basis of competition among commercial banks. (5) The account of the Fund shall be operated under the joint signature of the Member-Secretary or an authorized officer designated by him and the Chief Accounts Officer of the Council.
(6) Notwithstanding anything contained in sub-rule (5): In the event that the member-secretary is not in office, the account of the fund may be operated under the joint signature of the head of the administration department and the head of accounts of the council.