Corporation Fund

(1) There shall be a fund, called the Corporation Fund, which shall be held by the Corporation in trust for the purposes of this Act, and all monies realized or realisable under this Act and all monies otherwise received by the Corporation shall be credited thereto. (2) All moneys received by or on behalf of the corporation by or under this Act or any other law, all taxes, tolls and other imposts, fines, fees, penalties paid to or levied by it under this Act, all proceeds of land or other property sold by the corporation and all rents accruing from its land or property and all interests, profits and other moneys accruing by gifts or transfers from the Government or private individuals or otherwise shall constitute the corporation fund and shall be held, applied and disposed of in accordance with the provisions of this Act, the rules and the regulations made thereunder or any other law for the time being in force. (3) The receipts and expenditures of the Corporation shall be kept under such heads of accounts, in such manner and in such form, as may be prescribed. (4) Every head of account specified under sub section (2) shall be split into a revenue account and a capital account and all items of receipts and expenditures shall be kept appropriately under such revenue account or capital account, as the case may be. (5) The Corporation shall prepare and maintain books of accounts using the double entry accrual system of book keeping, in accordance with the accounting standards recommended by the Institute of Chartered Accountants of India, and in such manner as may be prescribed.