Expenditure from funds of Corporation

Infrastructure197263 sections2 chapters

Chapter III FUNCTIONS AND POWERS OF THE CORPORATION

Statutory text

(1) The Corporation shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from out of the general fund of the Corporation referred to in section 20 or from the reserve and other funds referred to in section 24, as the case may be.
(2) Without prejudice to the generality of the power conferred by sub-section (1) the Corporation may contribute sums as it thinks fit, towards expenditure incurred or to be incurred by any local authority or statutory public undertaking in the performance, in relation to any of its industrial estates or industrial areas, of any of its statutory functions of such authority or undertaking, including expenditure incurred in the acquisition of land.
(3) The Corporation shall have authority to advance loans, with or without security or interest, to its employees.

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