Chapter V FUNCTIONS AND POWERS

Corporation -(1) The Government may, from time to time, by enactment, assign such schemes which fulfil the core objectives of the Corporation and assign such revenues which enables the Corporation for fund raising.

1. (2) Subject to the provisions of this Act and the rules and regulations made there under, in the first instance, the Government hereby entrusts six(6) new schemes to the Corporation namely (a) School Infrastructure upgradation through Mana Badi Nadu-Nedu; (b) Hospital infrastructure upgradation through Nadu-Nedu Health; (c) YSR Cheyutha; (d) YSR Asara; (e) Jagananna Ammavodi; and (f) YSR Rythu Bharosa.
2. (3) Subject to the provisions of this Act and the rules and regulations made there under, the Government may from time to time, entrust such other schemes which will fulfil the core objectives of the Corporation, with due consideration to the resource availability and sustainability of the Corporation, by appropriate enactment.
3. (4) Subject to the provisions of this Act and the rules and regulations made there under, in the first instance, the Government hereby assigns to the Corporation, the revenue from Additional Retail Excise Tax(ARET) in accordance with applicable lawand shall take such steps as may be required under the applicable laws to give effect to the same including due appropriations by law passed in the State Legislature if required from time to time. The Government may, at a later stage, with due consideration to the resource availability and sustainability of the Corporation, entrust other revenue streams by introducing appropriate enactment;
4. (5) The Government shall ensure that sufficient revenue streams are available with the Corporation to meet its obligations. In case, the Government decides to change the assigned revenue stream (or any rate thereof), then the

Government shall ensure that the funds realisable from such change are equal

to or more than that which would have been realised under the original enactment. In case the revenue stream assigned to the Corporation is no longer available due to subsummation or any change in the tax regime, then the government shall be mandated to assign equivalent amounts for the Corporation through other assignable revenue streams. Any changes in the assigned revenue streams to the Corporation shall only be made by an enactment.

1. (6) The Government may issue to the Corporation such general or special directions as to policy or exercise of the powers or performance of the function by the corporation as it may think necessary or expedient for carrying out the purposes of this Act and the Corporation shall be bound to follow and act upon such directions.

Corporation to implement the socio-economic developmental schemes entrusted to it by the Government from the assigned revenues and from the finances raised;

1. (2) The Corporation shall fund and raise finances for implementation of entrusted schemes by escrowing the assigned revenues;
2. (3) Raising money from capital markets, domestic and international money markets and other instruments in compliance with various statues, rules, regulations as prescribed by various statutory and regulatory authorities;
3. (4) Deposit the monies which cannot be immediately applied, into a Scheduled Commercial bank or banks or other public financial institutions or invest in Government of India securities or deposits issued by Government of Andhra Pradesh owned NBFC's subject to such conditions as may, from time to time, be specified by the Board;
4. (5) Funds mobilized by the Corporation are to be utilized exclusively by the Corporation to fund the eligible schemes and projects including its operational expenses, and/or to repay the monies borrowed and/or provide financing to the public sector undertakings or private public partnerships to finance eligible schemes and projects;
5. (6) Accept grants, subventions, donations, and gifts from the Central or State Government or local body or any individual or body whether incorporated or not, for any or all the objectives of the Corporation on such terms and conditions as mutually agreed upon;
6. (7) To undertake schemes, either jointly with other State Government Corporations, or Government Entities in furtherance of the core objectives of the Corporation for which, the Corporation is established and all matters connected therewith;
7. (8) To prepare annual plans, budgets and expenditure statements;
8. (9) To take all such steps as may be necessary or convenient for, or may be incidental to, the exercise of any power or the discharge of any function conferred or imposed on it by this Act;
9. (10) To undertake any other activities entrusted by the Government in furtherance of the objectives for which the Corporation is established.

Government or any of its undertakings from time to time in fulfilment of its core objectives;

1. (2) To invite tenders, bids or offers and enter into contracts in respect of the implementation of the schemes entrusted to it by the Government;
2. (3) To accord administrative approval, accept tenders, sanction budget and make financial provisions, settle disputes arising out of contracts and do any other things which may be necessary or expedient for the purpose of carrying out its functions under this Act;
3. (4) To acquire and hold property both movable and immovable as the Corporation may deem necessary for the performance of any of its functions, duties and activities and to lease, sell, exchange or otherwise transfer any as may be deemed proper by the Corporation;
4. (5) To engage financial advisors, investment bankers and/or consultants, legal advisors and other professional consulting firms to assist the Corporation in fund raising from Banks, Financial institutions, Capital Markets and others;
5. (6) To do all such things and perform all such actions as may be necessary for or incidental or conducive to any matters which are necessary in furtherance of the objectives for which the Corporation is established;
6. (7) To pay any interest and principal due on the borrowed money from the Corporation funds;
7. (8) To open the bank accounts and invest the funds with due diligence and prudence, the monies which cannot be immediately applied, in public financial institutions (or) Government of India securities (or) Government of Andhra Pradesh owned NBFC’s subject to such conditions as may, from time to time, be specified by the Board;
8. (9) To sue and be sued by its corporate name;
9. (10) No matter or thing or action done by the Corporation or the executive committee or its member or whomsoever acting under the Corporation as per the Act, bonafide or in good faith for the purpose of executing the provisions of this Act shall subject such person for any claim, liability, claim or demand whatsoever in respect thereof.