Amendment status not verified — confirm the current text below against the official source.
Application of Corporation assets etc.,:- (1) All property, fund and other assets vesting in the Corporation shall be held and applied by it, for the purposes of this Act. (2) The Corporation shall have and maintain its own fund, to which shall be credited: (a) all monies received by the Corporation from the Government by way of grants, subventions, loans, advances and the loans raised under this Act; (b) all fees, charges and costs received by the Corporation under this Act; (c) all monies received by the Corporation from the disposal of lands, buildings and other properties, movable and immovable and other transactions; (d) all monies received by the Corporation by way of rents and profits or from any other source. (3) The Corporation may keep current and deposit account with banks as decided by the Executive Committee / Board. (4) Such accounts shall be operated by such officer of the Corporation as may be authorized by it in this behalf. (5) The Corporation may keep on hand such sum as it thinks fit for its day to day transactions subject to such limits and conditions as may be prescribed.