Powers and functions of Board

Subject to the provisions of this Act, the Board shall have the following powers and functions, namely :—

(a) to mobilize resources for the utilization of the fund;

(b) to sanction financial assistance to the undertakings as per the scheme;

(c) to recover the amounts due to the Board from the assisted undertakings as per the recovery schedule;

(d) to modify, revise or reschedule the recoveries from any of the assisted undertakings as may be considered appropriate;

(e) to opt for revenue recovery procedures, if found necessary and appropriate against any of the assisted undertakings in the interest of the Board;

(f) to distribute all expenses relating to the administration of the fund including travel interest on borrowings, fees, professional charges and other expenses;

(g) to invest any surplus fund of the Board as may be available from time to time in such manner as may be specified in the scheme and also to realize such investments;

(h) to review the performance of any undertakings receiving any assistance or loan from the fund on a periodic basis.

(i) to enter into memorandum of understanding or performance contract with any undertakings under the purview of this Act, on behalf of the State Government;

(j) to enter into contract on behalf of the Board;

(k) to exercise such of the powers and functions as may be specified in the scheme;

(l) to exercise such other powers and perform such other functions as may be conferred on or entrusted to it by the State Government for carrying out the purpose of this Act;

(m) to do all acts necessary for, and incidental to, carrying out of the functions entrusted or delegated to it.