Expenditure from funds

(1) The Corporation shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from out of the general fund of the Corporation referred to in section 18 or from the reserve and other funds referred to in section 22 as the case may be. (2) Without prejudice to the generality of the power conferred by sub-section (1), the Corporation may contribute such sums as it thinks fit towards expenditure incurred or to be incurred by any local authority or statutory public undertaking in the performance, in relation to any of the statutory functions of such authority or undertaking, including expenditure incurred in the acquisition of land. Applications submitted and/or pending prior to the 18th day of June, 2012, shall be processed and dealt with under these regulations. However in such cases, the transfer fees charged by the Corporation as per the present regulations shall be in accordance with the premium plot rate prevailing as on the day of the application received by the Corporation.