Chapter III DUTIES, FUNCTIONS AND POWERS OF THE BOARD

Infrastructure201134 sections7 chapters

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18. Duties and functions of the Board

Statutory text

(1) The Board shall have the following duties and functions; namely, -
- (a) finance, procure finance and provide credit facilities for construction, development, operation, maintenance, rehabilitation and up gradation of Bankable Projects in the State;
- (b) administer and manage the Fund for the purpose of undertaking or assisting any financial commitments or Subsidy envisaged under any Concession Agreement or other arrangement and for the performance of its duties and functions including its own administrative expenditure;
- (c) determine whether an Infrastructure Project is a Bankable Project and decide on the mode and manner of financing such Bankable Project in accordance with the provisions of this Act;
- (d) perform such other functions as may be entrusted to it by the State Government;
(2) The duties and functions of the Board shall be exercised in an independent, transparent and efficient manner and shall disseminate all relevant information about its operations to ' the public, in such manner as may be determined by the Board.

Chapter III DUTIES, FUNCTIONS AND POWERS OF THE BOARD

19. Powers of the Board.

Statutory text

(1) The Board shall have the following powers, namely:-
- (a) to finance construction, development, operation, maintenance, rehabilitation and up gradation of Bankable Projects in the State in accordance with the provisions of this Act;
- (b) to provide credit facilities for financing construction, development, operation, maintenance, rehabilitation and up gradation of Bankable Projects which are to be extended through the State Government, Government Agencies, Specified Government Agencies or through Public Private Participation;
- (c) to borrow and raise money with or without security by issue of bonds, debentures, loans or such other instruments as it may deem fit and to receive money from Indian or foreign sources and deposit at interest or otherwise in such manner as the Board may think fit;
- (d) to draw, issue, accept and to endorse, discount and negotiate promissory notes, hundies, and other negotiable or commercial or mercantile or transferable instruments connected with the business of the Board ;
- (e) to invest and deal with the , money of the Fund in banks, cooperative banks, financial deposit accounts etc. and in such manner as may from time to time be expedient or be determined by the Board;
- (f) to authorise and make payments from the Fund; (g) to receive grants, loans, advances, or other moneys or deposit or otherwise, from State or Government, banks, companies, trusts or individuals with or without allowance or interest thereon;
- (h) to buy, sell, lease, assign, mortgage, hypothecate, pledge or otherwise acquire or dispose any property whether movable or immovable or any description whatsoever and other valuable securities of the Board in such manner as may from time to time be determined by the Board: Provided that any transaction on land shall be subject to the provisions of Meghalaya Transfer of Land (Regulation) Act, 1971 ;
  - (i) subject to the provisions of Meghalaya Transfer of Land (Regulation) Act, 1971, to buy, lease, assign, mortgage or otherwise acquire or dispose land, buildings and other movable or immovable properties on such terms conditions as the Board may think fit; j) to invest, apply for and acquire, or otherwise employ money belonging to or entrusted to or at the disposal of the Board upon securities and shares or without securities, upon such terms as may be thought proper and from time to time to vary such transactions in such manner as the Board may think fit;
- (k) to issue or to request and advise the State Government to issue State Government Guarantee for the payment of money or become sureties for the performance of any contracts or obligations including Concession Agreements;
- (l) to negotiate and enter into any contract or arrangement for the more efficient conduct of the business of the Board or any party thereof and to sublet any contract from time to time;
- (m) encourage investment of capital in Bankable Projects in the State, consider proposals for private participation and grant Subsidy and exclusive rights to any person to develop any Infrastructure Project and Set parameters for Concession Agreements or arrangements and negotiate and formulate the terms of any Concession Agreement (including the User Charges) or any other agreement or arrangement in relation to such Bankable Projects in accordance with the provisions of this Act;
- (n) to charge fees for carrying out any of its duties or functions;
- (o) to form special purpose vehicles in the form of companies or other form of entities on its own or as joint ventures as may be deemed necessary for the purpose of implementation of Bankable Projects;
- (p) to undertake and conduct or direct committee or Consultants or any other person, to conduct surveys, feasibility studies, collect data and prepare Detailed Project Reports;
- (q) to do all or any other things and perform such other acts as are incidental or may be thought conducive for attainment of the above objects or consequential upon the exercise of the powers or discharge of its functions and duties.

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