Fund of the Authority

The Bihar Regional Development Authority Act. 1982

General1982127 sections

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Statutory text

(1) The authority shall have and maintain own fund to which shall be credited- (a) all moneys received by the authority from the State Government or from the Central Government by way of grants, loans, advances or otherwise; (b) all moneys borrowed by the Authority from sources other than State Government or the Central Government by way of loans, debentures; (c) all fees including betterment fees and charges received by the Authority; (d) all moneys received by the Authority from the disposal of lands, building and other properties movable and immovable: and (e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source: Provided that the setting up of the Authority would not involve any additional commitment from the Central Government by way of grants, loans, advances or otherwise. (2) The Authority shall receive duty on certain transfers of immovable property, in accordance with the provisions hereinafter in this section contained- (i) The duty imposed by the Indian Stamp Act, 1899 (II of 1899) as modified from time to time in its application to the State of Bihar, on Instruments of sale, gift and usufructuary mortgage of immovable property shall in the case of instruments affecting immovable property situated in the area notified under sub-section (2) of Section 1 of the Act and executed on or after the date on which the provisions of this Act came into force in such area be increased by five per centum on the value of the property transferred by the instrument or (in the case of an usufructuary mortgage) on the amount secured by the instrument, as set forth in the instrument; (ii) For the purposes of this section- (a) Section 27 of the Indian Stamp Act, 1899 (II of 1899) as modified from time to time shall be read as if it specifically required the particulars referred to therein to be set forth separately in respect of property situated in the area notified under sub-section (2) of Section 1 of the Act. (b) Section 64 of the Indian Stamp Act, 1899 (II of 1899) as modified from time to time shall be read as if it referred to the Authority as well as the State Government; (iii) All collections resulting from the said increase in stamp duty shall, after deducting incidental expenses (if any), be paid to the Authority by such time as may be prescribed by rules made by the State Government. (3) Contributions shall be made from Municipal Funds to the Authority in the manner hereinafter contained- (i) All the local bodies of the area notified under sub-section (2) of section 1 of the Act shall pay from their Municipal funds to the Authority on the first day of each quarter, so long as the Authority continues to exist, a sum equivalent to one and a half per centum per quarter on the actual quarterly collection made on the basis of annual ratable valuation determined under the Bihar and Orissa Municipal Act, 1922 (B. & O. Act VII of 1922) and the Patna Municipal Corporation Act, 1951 (Bihar Act XIII of 1952) as the said actual quantity collection stood on the first day of the last preceding quarter: provided that if this Act comes into force during a quarter, the amount of the first of such payment shall bear such proportion to the quarterly payment as the unexpired period of the quarter.

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