Bare Act
The Bombay Statutory Fund Act, 1959
General19597 sections
The Bombay Statutory Funds Act, 1959, is a financial management statute that formalizes the creation and administration of specific public funds. It mandates the transfer of existing earmarked and endowment funds into new "Statutory Funds" held by the Finance Department of the Government of Bombay. These funds are designated for specific public welfare objectives, such as water supply, housing, and research. The Act ensures these monies are invested in government securities and used strictly for their intended purposes, such as providing long-term loans or financing research, thereby ensuring fiscal discipline and transparency in the allocation of state resources for development.
- 1. Short title and commencement
- 2. Establishment of Statutory Funds
- 3. Purposes for which the Statutory Funds may be applied
- 4. Investment and reinvestment of sums to credit of Statutory Funds
- 5. Interest and instalments
- 6. Interest accruing on sums invested or reinvested to form part of Statutory Funds
- 7. Power of State Government to make rules
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