Chapter IV FUNCTIONS AND FUNDS OF THE CORPORATION

(1) Subject to the provisions of this Act, it shall be the primary duty of the Corporation to undertake the task of economic uplift of the members of the Scheduled Castes in the State.

(2) Without prejudice to the generality of the foregoing provision, such power shall include the power- (i) to plan, promote and undertake, on its own or in collaboration with or through such Scheduled Castes Organisations or other agencies as may be approved by the Board, programmes of agricultural development, marketing, processing, supply and storage of agricultural produce, small-scale industry, building construction, transport and such other business, trade or activity as may be approved in this behalf by the State Government; (ii) to provide financial assistance to members of Scheduled Castes or Scheduled Castes Organisations by advancing to them in cash or in-kind loans including loans under hire-purchase system for any of the purposes specified in clause (i) either directly or through such agency, organisation or institution as may be approved by the Board; (iii) to give on hire agricultural or industrial machinery or equipment to the members of Scheduled Castes or Scheduled Castes Organisations; (iv) to give grants and subsidies to, and to guarantee loans taken by the members of Scheduled Castes or Scheduled Castes Organisations; (v) to borrow money subject to such conditions as the Board may specify; (vi) to receive gifts, grants and donations; (vii) to issue bonds and debentures; (viii) to draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, hundies, bills, warrants, debentures and other negotiable instruments; (ix) to invest or deposit surplus funds of the Corporation in Government securities or in such other manner as the Board may decide; (x) to enter into contracts; and (xi) to discharge such other functions as may be prescribed or as are supplemental, incidental or consequential to any of the functions conferred on it under this Act.

The Corporation shall establish and maintain four separate Funds namely:- (a) Land Development and Finance Fund; (b) Guarantee Fund; (c) Bad Debts Fund; and (d) Relief and Common Good Fund.

(1) To the Land Development and Finance Fund shall be credited all amounts that are received by the Corporation from any source whatsoever; (2) All amounts that are expended by the Corporation shall be debited to this Fund.

(1) To the Guarantee Fund shall be credited every year such sum as may be placed at the disposal of the Corporation for that purpose by the State Government and the interest accrued from time to time on such sum shall also be added every year to this Fund. (2) The Corporation may also contribute to this Fund such portion of its net profits as may be decided by the Board.

(1) To the Bad Debts Fund shall be credited every year- (a) by the Corporation ten per centum of its net profits; and (b) by the State Government such amount as grant as may be equivalent to the amount credited under clause (a): Provided that nothing herein shall be deemed to debar the State Government from giving such amount by way of additional grant for being credited to this Fund as it may think fit.

To the Relief and Common Good Fund shall be credited every year such amount not exceeding seven and a half per centum of the net profits of the Corporation as the Board may decide.