Vidhi Codex

section 19

Fund of the Authority

The Aizawl Development Authority Act, 2005
General200564 sections
Read full ActSections
Statutory text
  1. (1) The Authority shall have and maintain its own fund to which shall be credited —
    • (a) all moneys received by the Authority from the Government by way of grants, loans, advances or otherwise;
    • (b) all moneys borrowed by the Authority from sources other than the Government by way of loans and debentures;
    • (c) all fees and charges received by the Authority under this Act;
    • (d) all moneys received by the Authority from the disposal of lands, buildings and other properties, movable and immovable; and
    • (e) all moneys received by the Authority by way of rents and profits, or in any other manner or from any other source.
  2. (2) The fund shall be applied towards meeting the expenses incurred by the Authority in the administration of this Act and for no other purposes.
  3. (3) The Authority may keep in current account of the State Bank of India or any other bank approved by the Government in this behalf such sum of money out of its fund as may be prescribed by rules and any money in excess of the said sum shall be invested in such manner as may be approved by the Government.
  4. (4) The Government may, after due appropriation made by the Legislative Assembly, make such grants, advances and loans to the Authority as the Government may deem necessary for the performance of the functions of the Authority under this Act; and all grants, loans and advances made shall be on such terms and conditions as the Government may determine.
  5. (5) The Authority may borrow money by way of loans or debentures from such sources (other than the Government) and on such terms and conditions as may be approved by the Government.
  6. (6) The Authority may maintain a sinking fund for the repayment of moneys borrowed under sub-section (5), and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of all moneys so borrowed.
  7. (7) The sinking fund or any part thereof shall be applied in, or towards, the discharged of the loan for which such fund was created, and until such loan is wholly discharged it shall not be applied for any other purpose.

Study data processing for this section.

PDF: pending for this language.