Constitution of 1Corporation and other funds.

§139

Summary

139.(1) There shall be established a Fund for each 1[Corporation], hereinafter called the 1[Corporation] Fund, and, subject to the provisions of this Act and the rules made thereunder, there shall be placed at the credit thereof all moneys received by or on behalf of the 1[Corporation] under this Act or any other law, or contract, including,-- (a) the proceeds of the property of the 1[Corporation] ; (b) the rents of the property of the 1[Corporation] ; (c) the proceeds of all taxes or fees and fines (other than fines imposed by a court), levied by or under this Act ; (d) all moneys received by way of compensation or for compounding offences under the provisions of this Act ; (e) all interest and profits arising from any investment of, or from any transaction in connection with, any money belonging to the 1[Corporation] ; (f) all moneys received by or on behalf of the 1[Corporation], from the Government 2[including grants-in-aid from the Consolidated Fund of the State] or public bodies, private bodies or other persons by way of grant, gift or deposit, subject, however, to the conditions, if any, attached to such grant, gift or deposit. (2) All moneys payable to the credit of the 1[Corporation] Fund shall be received by the 3@[Municipal Commissioner] and shall forthwith be paid into the State Bank of India 4[or with the previous sanction of the State Government into the U. P. Co-operative Bank or such other scheduled bank or banks as the 1[Corporation] may appoint] to the credit of an account which shall be styled the account of the 1[Corporation] Fund of : Provided that the 3[Municipal Commissioner] may, subject to any general or special direction issued by the Executive Committee, retain such balances in cash as may be necessary for current payments. (3) The 1[Corporation] 5[shall constitute a Development Fund and] may also constitute such special funds as may be prescribed and such other funds as may be necessary for the purposes of this Act. The constitution and disposal of such funds shall be effected in the manner prescribed. 6[ (4) Twenty five per cent of the Development Fund constituted under sub-section (3) shall be non-lapsable and shall be earmarked and utilized to provide and promote services for the urban poor and the inhabitants of the slum areas. Explanation :-- For the purposes of sub-section (4) "services" shall include basic environmental services, roads, primary education and health, housing, water supply, sanitation, social security and such like services. However, it shall not include establishment expenses (including salary and wages) not directly and specifically incurred for delivery of services.]

139.(1) There shall be established a Fund for each 1[Corporation], hereinafter called the 1[Corporation] Fund, and, subject to the provisions of this Act and the rules made thereunder, there shall be placed at the credit thereof all moneys received by or on behalf of the 1[Corporation] under this Act or any other law, or contract, including,-- (a) the proceeds of the property of the 1[Corporation] ; (b) the rents of the property of the 1[Corporation] ; (c) the proceeds of all taxes or fees and fines (other than fines imposed by a court), levied by or under this Act ; (d) all moneys received by way of compensation or for compounding offences under the provisions of this Act ; (e) all interest and profits arising from any investment of, or from any transaction in connection with, any money belonging to the 1[Corporation] ; (f) all moneys received by or on behalf of the 1[Corporation], from the Government 2[including grants-in-aid from the Consolidated Fund of the State] or public bodies, private bodies or other persons by way of grant, gift or deposit, subject, however, to the conditions, if any, attached to such grant, gift or deposit. (2) All moneys payable to the credit of the 1[Corporation] Fund shall be received by the 3@[Municipal Commissioner] and shall forthwith be paid into the State Bank of India 4[or with the previous sanction of the State Government into the U. P. Co-operative Bank or such other scheduled bank or banks as the 1[Corporation] may appoint] to the credit of an account which shall be styled the account of the 1[Corporation] Fund of : Provided that the 3[Municipal Commissioner] may, subject to any general or special direction issued by the Executive Committee, retain such balances in cash as may be necessary for current payments. (3) The 1[Corporation] 5[shall constitute a Development Fund and] may also constitute such special funds as may be prescribed and such other funds as may be necessary for the purposes of this Act. The constitution and disposal of such funds shall be effected in the manner prescribed. 6[ (4) Twenty five per cent of the Development Fund constituted under sub-section (3) shall be non-lapsable and shall be earmarked and utilized to provide and promote services for the urban poor and the inhabitants of the slum areas. Explanation :-- For the purposes of sub-section (4) "services" shall include basic environmental services, roads, primary education and health, housing, water supply, sanitation, social security and such like services. However, it shall not include establishment expenses (including salary and wages) not directly and specifically incurred for delivery of services.]

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