Fund of the Authority

(1) There shall be a Fund called the kaginele Development Authority Fund.

1. (2) There shall be credited to the said Fund,-
   • (i) all grants, subventions, donations and gifts made by the Central Government, State Government, any local authority or any body, whether incorporated or not or any person;
   • (ii) the amount borrowed by the Authority and
   • (iii) all other sums received by or on behalf of the Authority from any source whatsoever.
2. (3) Except as otherwise directed by the State Government all moneys credited to the Fund shall be invested in any Scheduled Bank or in the State Government Treasury.
3. (4) The administrative expenses of the Authority including the salaries, allowances and pension if any, payable to the Commissioner and other officers and employees of the Authority shall be defrayed out of the fund of the Authority