Proceedings presumed to be good and valid

No disqualification of or defect in the appointment of any person acting as Chairperson or member shall be deemed to vitiate any act or proceeding of the Authority if such act or proceeding is otherwise in accordance with the provisions of this Act. (ii) the amount borrowed by the Authority; and (iii) all other sums received by or on behalf of the Authority from any source whatsoever. (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. (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.