Fund of Association

Infrastructure200763 sections9 chapters

Chapter IV FINANCE, ACCOUNTS, AUDIT AND REPORTS OF ASSOCIATION

Statutory text

(1) The Association shall have its own fund and all receipts of the Association shall be credited thereto and all payments by the Association shall be made therefrom.
(2) The Association may accept grants, subventions, donations and gifts from the Central Government or the State Government or a local authority or any individual or body, whether incorporated or not, for the purposes of this Act.
(3) The Association 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 Association.
(4) All moneys belonging to the fund or Sinking Fund of the Association shall be kept in any corresponding new Bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and approved by the State Government for the purpose or invested in securities authorised by the Trusts Act, 1882 at the discretion of the Association.

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