Section 15: Expenditure of the Mortgage Bank

The Mortgage Bank may, from time to time, apply the proceeds of the fund established in pursuance of section 14 (1) of this Act-(a) to the cost of administration of the Mortgage Bank;
(b) to paying or reimbursing members of the Board or of any committee set up by the Board for expenses as may be expressly authorised by the Board;
(c) to the payment of the salaries, fees or other remuneration, allowances, pensions and gratuities payable to the officers and other employees of the Mortgage Bank;
(d) for the maintenance of any property vested in the Mortgage Bank;
(e) to the payment of all expenses incurred on behalf of the Mortgage Bank; and
(f) to and in connection with performing all or any of the functions of the Mortgage Bank and the Board.