362. The expression "Local fund" denotes—

(1) revenues administered by bodies which by law or rule having the force of law come under the control of the Government, whether in regard to proceedings generally, or to specific matters such as the sanctioning of their budgets, sanction to the creation or filling up of particular posts, the enactment of leave, pension or similar rules ;

(2) the revenues of any body which may be specially notified by the Government as such.

The transactions of the local funds are not included in the accounts of revenue and expenditure of the State.

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