Fund of Special Area Development Authority

(1) Every Special Area Development Authority shall have its own fund, and all receipts of such authority shall be credited thereto and all payments of such authority shall be made thereout (from the fund). (2) The Special Area Development Authority, for all or any of the purposes of this Act: (a) may accept grants from the State Government or any local authority; (b) may borrow money subject to such terms and conditions as may be prescribed.