Fund of Authority

Infrastructure1977111 of 112 sections available7 chapters

Chapter V FINANCE, ACCOUNTS AND AUDIT

Statutory text

(1) The authority shall have and maintain its own fund to which shall be credited—
- (a) all moneys received by the Authority from the State Government and the Central Government by way of grants, loans, advances or otherwise;
- (b) all moneys borrowed by the Authority, from sources other than the Government, by way of loans or debentures;
- (c) all fees received by the Authority under this Act;
- (d) all moneys received by the Authority for the disposal of lands, buildings and other properties, movable and immovable; and
- (e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.
(2) The expenditure incurred in the administration of this Act shall be defrayed out of the fund of the Authority and shall include—
- (a) expenditure incurred in the administration of this Act;
- (b) cost of acquisition of land for purposes of this Act;
- (c) expenditure for development of land; and
- (d) expenditure for such other purposes as the State Government may direct or permit.
(3) The Authority shall keep its funds in any Scheduled Bank.
(4) The Authority may invest any portion of its fund in such securities or in such other manner as may be prescribed.
(5) The income resulting from investments made in sub-section
(4) and proceeds of the sale of the same shall be credited to the fund of the Authority.

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