Fund of the Authority

(1) There shall be constituted a fund and there shall be credited thereto; (a) Any grant or aid received by the Authority; (b) Any loan taken by the Authority or any borrowings made by it; (c) any other sums received by the Authority; (d) All sums of money specified in section 20 & 21(a), (b) & (c) shall be deposited in any nationalised or Scheduled Bank or in such other Financial Institutions as may be decided by the Governing Council and the said amount shall be operated in such manner as prescribed. (2) The fund shall be utilized for meeting- (a) expenses of the Authority in the discharges of its functions having regard to the purposes for which such grants, loans or borrowings are received and for matters connected therewith or incidental thereto; (b) salary, allowances other remuneration and facilities provided to the members, officers and other employees of the Authority; (c) expenses on objects and for purposes authorized by this Act. (3) Any demand against the fund of the Authority shall be deemed to be public demand, the recovery of which, shall be admissible under the Public Demand Recovery Act, 1914.