Fund of the Planning Authority

Fund of the Planning Authority.-

1. (1) Every Planning Authority shall have and maintain its own fund to which shall be credited:
   • (a) all moneys received by the Planning Authority from the Government by way of grants, loans, advances, or otherwise;
   • (b) all development charge or other charges or fees received by the Planning Authority under this Act or Rules or Regulations made there under;
   • (c) contribution from such Local Authority or authorities of the area included in the Planning Area of the Planning Authority, not exceeding such amount from the general fund of such Local Authority or authorities to the fund of the Planning Authority as the Government may specify from time to time; and
   • (d) all moneys received by the Planning Authority from any other source.
2. (2) The fund shall be applied towards meeting –
   • (a) the expenditure incurred in the administration of the Act and in the functioning of the authority;
   • (b) the cost of acquisition of land in the Planning Area for purpose of development;
   • (c) the expenditure for any development of land in the Planning Area; and
   • (d) the expenditure for such other purposes as the Government may direct.
3. (3) Every Planning Authority may keep in an account of a scheduled Bank, such sum of money out of its fund as may be prescribed by the Rules and any money in excess of the said sum shall be invested in such manner as may be approved by the Government.
4. (4) The Government may, make such grants, advances and loans to any Planning Authority, as it may deem necessary, for the performance of the functions under this Act; and all grants, loans and advances made shall be on such terms and conditions as the Government may determine.