Fund of Corporation

General198529 of 29 sections available5 chapters

Chapter IV FINANCE, ACCOUNTS AND AUDIT

Statutory text

(1) The Corporation shall have its own fund.
(2) The Corporation may accept grants, subventions, donations and gifts from the Central or State Government or a local authority or any individual or body of individuals whether incorporated not, for all or any of the purposes of this Act.
(3) All sums which may from time to time be paid to it by the State Government and all other receipts of the Corporation shall be carried to the fund of the Corporation and all payments by the Corporations, shall be made therefrom.
(4) The Corporation may spend such sums as it thinks fit for the performance of its functions under this Act, and such sums shall be treated as expenditure payable out of the fund of the Corporation.
(5) All moneys belonging to the fund of the Corporation shall be deposited in such bank or invested in Government securities or in such other manner as the State Government may, by general or special order, direct.

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