Chapter IV FUNCTIONS AND FUNDS OF THE CORPORATION

(1) Subject to the provisions of this Act, it shall be the primary duty of the Corporation to undertake the task of upliftment of antyodaya families. (2) Without prejudice to the generality of the foregoing provisions, such functions shall include the functions- (i) to plan, promote and undertake, on its own or in collaboration with or through other agencies whether governmental and non-governmental, programmes of agricultural development, marketing, processing, supply and storage of agricultural produce, small scale cottage and village industries, trade and business or any other activity which will, in the opinion of the Board, enable the members of the antyodaya families to earn a better living and help in the upliftment of their economic condition; (ii) to undertake programmes for setting up employment-oriented industries by providing financial, technical and managerial assistance and any other assistance which will be required in achieving this objective; (iii) to provide financial assistance to the members of the antyodaya families by advancing or arranging loans and by paying margin money for any of the purposes which will generate income to such families; (iv) to give grants and subsidies to, and to guarantee loans, taken by the members of antyodaya families and such other organisations for the benefit of Antyodaya families; (v) to arrange for the training of skills with a view to provide gainful employment to the members of antyodaya families; (vi) to act as an agency of the State or the Central Government for disbursement of aid in cash or in kind to the antyodaya families; (vii) to arrange for publicity and marketing of the finished goods manufactured by the antyodaya families; (viii) to borrow money from commercial banks or from any other organisation, including Government, subject to such conditions as the Board may specify; (ix) to receive gifts, grants and donations and to issue bonds and debentures; (x) to draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, hundies, bills warrants, debentures and other negotiable instruments; (xi) to invest or deposit surplus funds of the Corporation in Government securities or in such other manner as the Board may decide; (xii) to enter into contracts; (xiii) to provide facilities for survey; research and study in relation to the problems relating to upliftment of the antyodaya families with a view to promote programmes for providing gainful employment to the members thereof; (xiv) to undertake such other functions as are supplemental, incidental or consequential to any of the functions conferred on it under this Act or the rules made thereunder; and (xv) to undertake such other programmes and discharge such other functions as may be prescribed by the State Government, from time to time.

The Corporation shall establish and maintain the following funds, namely:- (a) Development and Finance Fund; (b) Guarantee and Bad Debts Fund; (c) Relief and Common Good Fund; (d) Grants-in-aid and Subsidies Fund; and (e) Loan Fund.

Save as otherwise provided in sections 19, 20, 21 and 22,- (1) all amounts that are received by the Corporation from any source, whatsoever, shall be credited to the Development and Finance Fund. (2) all amounts that are expended by the Corporation shall be debited to this Fund.

(1) The Guarantee and Bad Debts Fund shall consist of- (i) the funds placed at the disposal of the Corporation by the State Government as grant for this purpose; (ii) ten per cent of its own profits; (iii) the interest accrued, from time to time, on this Fund; (iv) such money as may be contributed to this fund specifically by any agency, organisation and by the Corporation itself, as may be decided by the Board: Provided that nothing herein shall be deemed to debar the State Government, the Central Government or any other organisation or agency from giving such amounts by way of grant or donation for being credited to this Fund. (2) This Fund shall be used in connection with furnishing of guarantees in respect of loans taken by the members of antyodaya families or organisations and to meet irrecoverable debts of the Corporation in such manner as may be prescribed.

(1) To the Relief and Common Good Fund shall be credited every year such amount, not exceeding ten percent of the net profits, if any of the Corporation, as the Board may decide: Provided that nothing herein shall be deemed to debar the State Government, Central Government or any other organisation from giving such amount by way of additional grant for being credited to this Fund as it may think fit. (2) The Relief and Common Good Fund shall be used for the purposes in connection with the welfare of the members of antyodaya families in such form and manner as may be decided by the Board.

To Grants-in-aid and Subsidies Fund shall be credited amounts as may be received from the State Government, the Central Government or any other organisation/agency to be spent for a specified purpose by way of grant/subsidy to the antyodaya families or organisations for their economic upliftment. The conditions, if any, imposed by the guarantor shall be adhered to in the utilisation of this Fund.

The loans raised or obtained by the Corporation from the financial institutions/banks and the State or the Central Government or any other agency shall be credited to this Fund. The Loan Fund shall be used for the purpose of advancing loans at such rate of interest as may be determined, and on such conditions as may be imposed, by the Board for protecting the interest of the Corporation.