Fund of the Corporation

Fund of the Corporation.--(1) The Corporation shall have its own fund to which shall be credited all moneys of the Corporation.

1. (2) The fund shall be applied towards meeting the Corporation's expenses while performing its functions under this Act.
2. (3) All moneys constituting the fund shall be kept in the Jammu and Kashmir Bank as may be determined by the Corporation: Provided that nothing in this sub-section shall be deemed to preclude the Corporation from retaining such balances in cash as may be required for current payment of day to day expenditure at any time.
3. (4) At the close of the financial year, the surplus, if any, that may accrue to the Corporation shall be paid to the State exchequer as revenue: Provided that in determining the surplus, the Corporation shall take into account all sums due on account of taxes, repayment of loans, liabilities incurred but not redeemed and such reserves as the Government may prescribe for the Corporation to create and maintain for the smooth running of the affairs of the Corporation.