Application of the Corporation Fund

(1) The moneys credited to the Corporation fund from time to time shall be applied for payment of all sums, charges and costs necessary for carrying out the purposes of this Act and the rules and the bye-laws made thereunder and for payment of all sums payable out of the Corporation Fund in accordance with the Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003 (Karnataka Act 41 of 2003) or any other law for the time being in force in the manner prescribed. (2) The Government shall prescribe the procedure for the application of Corporation fund, accounting practices, publication of the financial documents and such other processes for efficient financial management. (g) penalty imposed at the time of issuance of occupancy certificate for not obtaining commencement certificate at the commencement of the construction, at such rate not exceeding 0.25 percent of guidance value of the vacant site under section 45B of the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957) multiplied by constructed built up area; (h) penalty for regularization up to 5 percent of violation or deviation in the construction with respect to the sanctioned plan or Zonal regulations limit specified at such rate not exceeding 35 percent of guidance value of the vacant site under section 45B of the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957) multiplied by the violated portion; and (i) such other fee as specified by the Government from time to time under this Act and the Karnataka Town and Country Planning Act, 1961 (Karnataka Act 11 of 1963) and the rules made there under.