Application of revenue

The revenue of the EDC shall be applied for the purposes authorized by this Act in relation to the functions, powers and responsibilities of the EDC, and also to meet the following heads of expenditures, (a) the payment of the salaries, wages, fees, allowances, pensions and gratuities of persons employed or formerly employed by (b) repairs and maintenance of buildings and equipment and other current expenses; (c) any other expenditure approved by the Board.