Fund of Commission.

General200429 sections3 chapters

Chapter III FUND, BUDGET, ACCOUNTS, AUDIT AND RETURNS

Statutory text

(1) The Commission shall maintain a Fund to which shall be credited-
- (a) all moneys provided by the State and the Central Governments ;
- (b) all fees, royalties and other charges received by the Commission;
- (c) all moneys received by the Commission by way of grants, gifts, endowments, donations, benefactions, bequests or transfers; and
- (d) all moneys received by the Commission in any other manner or from any other source.
(2) All moneys credited to the Fund shall be deposited in such bank or banks and invested in such manner as the Commission may decide.
(3) The Commission shall be encouraged to create a corpus as a long term measure.
(4) The Fund shall be applied by the Commission towards meeting the expenses of the Commission for the purposes of this Act. Explanation.-For the purposes of this section, the expression "bank" means,-
- (i) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955) ;
- (ii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) ;
- (iii) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).

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