Madhya Pradesh Infrastructure Investment Fund Scheme

(1) The State Government may, by notification frame a scheme to be called the 'Madhya Pradesh Infrastructure Investment Fund Scheme' for the establishment of a fund under this Act for investment in the infrastructure projects of the State and there shall be established, as soon as may be after the framing of the scheme, a fund in accordance with the provisions of this Act.

(2) There shall be credited to the fund,—

(a) the contributions specified in Section 16;

(b) the amount borrowed by the Board under Section 6;

(c) grants or loans or advances made by the State Government or any institution;

(d) any amount raised by the Board from other sources to augment the resources of the Board;

(e) any other amount which, under the provisions of the scheme, shall be credited to the fund.

(3) The fund shall vest in, and be administered by, the Board.

(4) The fund may be utilized for all or any of the following purposes, namely :—

(a) to finance investments in infrastructure projects in the State; and

(b) to redeem the bonds and debentures used to raise resources for the fund.

(5) All money specified in sub-section (2) shall be deposited with the approval of the State Government in a Scheduled bank and the account shall be operated by the Fund Manager.

(6) Subject to the provisions of this Act, the Scheme framed under sub-section (1) may provide for all or any of the matters specified in sub-section (4) and in the Schedule.