Board’s Fund

Infrastructure197063 sections5 chapters

Chapter IV Finance, Accounts and Audit

Statutory text

(1) The Board shall have its own fund.
(2) The Board may accept grants, subventions, donations and gifts from the Central or State Government or a local authority or any individual or body, whether incorporated or not for all or any of the purposes of this Act.
(3) The State Government may every year make a grant to the Board of a sum equivalent to the administrative expenses of the Board: Provided that the amount of such grant may be reduced or discontinued to the extent the financial position of the Board warrants.
(4) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents and all interests, profits and other moneys accruing to the Board shall constitute the fund of the Board.
(5) Except as otherwise directed by the State Government, all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the Reserve Bank of India or in any Nationalized Bank or other Scheduled Bank, invested in such securities as may be approved by the State Government.
(6) Such account shall be operated upon by such officers as may be authorised by the Board.

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