Constitution of the Development Fund

(1) The State Government shall constitute a Fund to be known as the Development Fund which shall vest in the Board.

(2) The amount of fee, except Special Infrastructure Development fee, charged and collected under this Act, shall be credited to the Consolidated Fund of the State out of which, a budgetary grant may then be provided to the Development Fund, within such period and of such amount, as may be considered necessary. Any other grant from the Central/State Government, local authorities and any of the authority shall also be credited to the Development Fund.

(3) The Development Fund shall be applied for the development of infrastructure sectors by providing infrastructure facilities in the State of Punjab for the benefit of the persons from whom the fee has been charged and collected and the public at large and for the infrastructure facilties of the country having direct benefit to the economy of the State of Punjab.