Reserve and other funds

(1) The Corporation shall make provisions for such reserve and other specially denominated funds as the State Government may, from time to time, direct. Such funds shall include the following funds, namely :- (a) stabilization funds, and (b) welfare fund. (2) The management of the funds referred to in sub-section (1), the sums to be transferred from time to time to the credit thereof and the application of money comprised therein, shall, subject to the directions, if any, issued by the State Government in this behalf, be determined by the Corporation. (3) None of the funds referred to in sub-section (1) shall be utilised for any purposes other than that for which it is constituted. Notwithstanding anything contained in the Code of Criminal Procedure, 1973, it shall be lawful for the Metropolitan Magistrate or the Magistrate of the First Class to pass on any person convicted of an offence under this Act, a sentence of fine as provided in clause (a) read with paragraph (1) of section 67, in excess of his powers under section 29 of the said Code.