Contribution of Government to Corporation Fund.

General199671 sections7 chapters

Chapter VI FINANCE, ACCOUNTS AND AUDIT

Statutory text

(1) The State Government shall, by appropriation duly made in this behalf, from time to time, provide an aggregate sum of not less than rupees 3,500 crores to the Corporation Fund, as its share of the capital required by the Corporation for the performance of the functions of the Corporation under this Act and such contribution shall be paid in suitable instalments spread over a period of five years from the date of establishment of the Corporation: Provided that, the State Government shall, by appropriation duly made in this behalf, initially contribute and pay a sum of rupees 700 crores to the Corporation Fund: Provided further that, the contribution made by the Government shall be exclusive of the expenditure incurred by the Government for and in connection with the establishment of the Corporation.
(2) The capital provided by the State Government shall not carry any interest.

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