(1) Every Board shall pay from its 1[Waqf] Fund annually to the Council
such contribution as is equivalent to one per cent. of the aggregate of the net annual income of the
2[auqaf] in respect of which contribution is payable under sub-section (1) of section 72:
Provided that where the Board, in the case of any particular 1[waqf] has remitted under sub-section (2) of section 72 the whole of the contribution payable to it under sub-section (1) of that section, then for calculating the contribution payable to the Council under this section the net annual income of the 1[waqf] in respect of which such remission has been granted shall not be taken into account.
(2) All monies received by the Council under sub-section (1) and all other monies received by it as donations, benefactions and grants shall form a fund to be called the Central 1[Waqf] Fund.
(3) Subject to any rules that may be made by the Central Government in this behalf, the Central 1[Waqf] Fund shall be under the control of the Council and may be applied for such purposes as the Council may deem fit.
Provided that where the Board, in the case of any particular 1[waqf] has remitted under sub-section (2) of section 72 the whole of the contribution payable to it under sub-section (1) of that section, then for calculating the contribution payable to the Council under this section the net annual income of the 1[waqf] in respect of which such remission has been granted shall not be taken into account.
(2) All monies received by the Council under sub-section (1) and all other monies received by it as donations, benefactions and grants shall form a fund to be called the Central 1[Waqf] Fund.
(3) Subject to any rules that may be made by the Central Government in this behalf, the Central 1[Waqf] Fund shall be under the control of the Council and may be applied for such purposes as the Council may deem fit.
1. Subs. by Act 27 of 2013, s. 4, for "wakf" (w.e.f. 1-11-2013).
2. Subs. by s. 4, ibid., for "wakfs" (w.e.f. 1-11-2013).