Fund of the Authority

§20

Summary

(1) The Authority shall have an maintain its own fund to which shall be credited- (a) all moneys received by the Authority from the State Government by way of grants, loans, advances or otherwise: (b) all moneys borrowed by the Authority from sources other than the State Government by way of loans or debentures; (c) all 1[fees, tolls and charges] received by the Authority under this Act: (d) all moneys received by the Authority from the disposal of lands, buildings and other properties, movable and immovable and (e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source, (2) The fund shall be applied towards meeting the expenses incurred by Authority in the administration of this Act and for no other purpose; (3) Subject to any directions of the State Government, the Authority may keep in current account of any Scheduled Bank such sum of money out of its fund as it may think necessary for meeting its expected currents requirement and invest any surplus money in such manner as it thinks fit. (4) The State Government may, after due appropriation made by Legislature by law in that behalf, make such grants, advances and loans to the Authority as that Government may deem necessary for the performance of the functions of the Authority under this Act and all grants, loans and advances made shall be on such terms and conditions as the State Government may determine. (5) The Authority may borrow money by way of loans or, debentures from such sources (other than the State Government) and on such terms and conditions as may be approved by the State Government. (6) The Authority shall maintain a sinking fund for the repayment of moneys borrowed under Sub-section (5) and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of all moneys so borrowed. (7) The sinking fund or any part thereof shall be applied in or towards, the discharge of the loan for which such fund was created, and until such loan is wholly discharged it shall not be applied for any other purpose.

(1) The Authority shall have an maintain its own fund to which shall be credited- (a) all moneys received by the Authority from the State Government by way of grants, loans, advances or otherwise: (b) all moneys borrowed by the Authority from sources other than the State Government by way of loans or debentures; (c) all 1[fees, tolls and charges] received by the Authority under this Act: (d) all moneys received by the Authority from the disposal of lands, buildings and other properties, movable and immovable and (e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source, (2) The fund shall be applied towards meeting the expenses incurred by Authority in the administration of this Act and for no other purpose; (3) Subject to any directions of the State Government, the Authority may keep in current account of any Scheduled Bank such sum of money out of its fund as it may think necessary for meeting its expected currents requirement and invest any surplus money in such manner as it thinks fit. (4) The State Government may, after due appropriation made by Legislature by law in that behalf, make such grants, advances and loans to the Authority as that Government may deem necessary for the performance of the functions of the Authority under this Act and all grants, loans and advances made shall be on such terms and conditions as the State Government may determine. (5) The Authority may borrow money by way of loans or, debentures from such sources (other than the State Government) and on such terms and conditions as may be approved by the State Government. (6) The Authority shall maintain a sinking fund for the repayment of moneys borrowed under Sub-section (5) and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of all moneys so borrowed. (7) The sinking fund or any part thereof shall be applied in or towards, the discharge of the loan for which such fund was created, and until such loan is wholly discharged it shall not be applied for any other purpose.

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