Amendment status not verified — confirm the current text below against the official source.
Financing to the Corporation - Subject to the provisions of this Act and the rules and regulations made there under: (a) Government shall identify and allocate to the Corporation, various socio-economic projects or schemes of the Government to arrange funding and financing; (b) Government shall identify requisite resources comprising of existing revenue streams and new revenue streams though levying of cess, development cess, fees, charges, etc. as applicable and assign these revenues to the Corporation to raise financing and fulfil its objectives, subject to clause (c) below, once assigned, for 6 the purpose of raising financing, such identified revenue sources shall not be used for any other purpose; (c) In case, the Government cancels or reduces the assigned revenue streams or there is any shortfall in the assigned revenuesfor meeting the debt servicing obligations of the Corporation, Government shall assign alternative revenue streams to meet the committed financing and debt servicing liabilities of the Corporation or alternatively the Government shall take over the financial and debt servicing obligations of the Corporation. 10.Core activities of the Corporation - Subject to the provisions of this Act and the rules and regulations made there under, the core activities of the Corporation shall be the following: (a) to fund and finance, the specific social & economic projects and activities, entrusted by the Government to the Corporation; (b) to work towards the fulfillment of core objective, as stated above through innovative financing, wider market outreach and deeper access to the market participants; (c) to mobilize resources from banks, financial institutions,non- banking financial companies, investors, contributors and others through the escrow of the assigned cash flows and follow the principles of fiscal prudence while managing the activities; (d) to raise money from capital markets (domestic and international), money markets, borrowings from banks, financial institutions and other instruments in compliance with various statutes, rules, regulations as prescribed by various statutory and regulatory authorities; (e) to receive any grants, subventions, donations and gifts from the State/ Central Government or undertakings of State / Central Government or foundations/CSR/charitable/philanthropic organisations across globe or funding from multilateral/bilateral/ development organisations or from institutions/persons for meeting the above objectives; (f) to issue shares/bonds/debentures/bills/anyother instruments dependent on the structure of financing and as per the Provisions of the Companies Act, 2013(Central Act No.18 of 2013), SEBI regulations (if applicable) and other applicable laws; (g) to establish or promote or concur in establishing any companies or trusts or societies or fund which may directly or indirectly help in achieving the core objectives of the Corporation; (h) to enter any arrangements with the Government or any of its undertakings in fulfilment of its core objectives; (i) to ensure that there is proper utilization of the funds in accordance with its core objectives. CHAPTER IV PROPERTY, ASSETS, LIABILITIES AND OBLIGATIONS 11.Transfer of assets and liabilities of the Government to the Corporation - (1) All properties and assets of the entrusted schemes, movable and immovable shall vest in and stand transferred to the Corporationand the Corporation shall be entitled to create security and /or escrow arrangements for the benefit of any creditor, such arrangements shallinclude escrow and security over revenues assigned to the Corporation for the benefit of the creditors to the Corporation from whom financing is availed by the Corporation. (2) Such properties, assets, rights, obligations and liabilities shall be valued in such manner as the Government may determine. 7 (3) If any doubt or dispute arises as to which of the properties or assets or rights or liabilities of the Government have been transferred to the Corporation, such doubt or dispute shall be referred to and decided by the Government, whose decision shall be final. CHAPTER V FUNCTIONS AND POWERS 12.Government to vest or entrust schemes and revenues to the Corporation -(1) The Government may, from time to time, by enactment, assign such schemes which fulfil the core objectives of the Corporation and assign such revenues which enables the Corporation for fund raising. (2) Subject to the provisions of this Act and the rules and regulations made there under, in the first instance, the Government hereby entrusts six(6) new schemes to the Corporation namely (a) School Infrastructure upgradation through Mana Badi Nadu-Nedu; (b) Hospital infrastructure upgradation through Nadu-Nedu Health; (c) YSR Cheyutha; (d) YSR Asara; (e) Jagananna Ammavodi; and (f) YSR Rythu Bharosa. (3) Subject to the provisions of this Act and the rules and regulations made there under, the Government may from time to time, entrust such other schemes which will fulfil the core objectives of the Corporation, with due consideration to the resource availability and sustainability of the Corporation, by appropriate enactment. (4) Subject to the provisions of this Act and the rules and regulations made there under, in the first instance, the Government hereby assigns to the Corporation, the revenue from Additional Retail Excise Tax(ARET) in accordance with applicable lawand shall take such steps as may be required under the applicable laws to give effect to the same including due appropriations by law passed in the State Legislature if required from time to time. The Government may, at a later stage, with due consideration to the resource availability and sustainability of the Corporation, entrust other revenue streams by introducing appropriate enactment; (5) The Government shall ensure that sufficient revenue streams are available with the Corporation to meet its obligations. In case, the Government decides to change the assigned revenue stream (or any rate thereof), then the Government shall ensure that the funds realisable from such change are equal to or more than that which would have been realised under the original enactment. In case the revenue stream assigned to the Corporation is no longer available due to subsummation or any change in the tax regime, then the government shall be mandated to assign equivalent amounts for the Corporation through other assignable revenue streams. Any changes in the assigned revenue streams to the Corporation shall only be made by an enactment. (6) The Government may issue to the Corporation such general or special directions as to policy or exercise of the powers or performance of the function by the corporation as it may think necessary or expedient for carrying out the purposes of this Act and the Corporation shall be bound to follow and act upon such directions. 13.Functions of the Corporation - (1) It shall be the function of the Corporation to implement the socio-economic developmental schemes entrusted to it by the Government from the assigned revenues and from the finances raised; (2) The Corporation shall fund and raise finances for implementation of entrusted schemes by escrowing the assigned revenues; (3) Raising money from capital markets, domestic and international money markets and other instruments in compliance with various statues, rules, regulations as prescribed by various statutory and regulatory authorities; 8 (4) Deposit the monies which cannot be immediately applied, into a Scheduled Commercial bank or banks or other public financial institutions or invest in Government of India securities or deposits issued by Government of Andhra Pradesh owned NBFC's subject to such conditions as may, from time to time, be specified by the Board; (5) Funds mobilized by the Corporation are to be utilized exclusively by the Corporation to fund the eligible schemes and projects including its operational expenses, and/or to repay the monies borrowed and/or provide financing to the public sector undertakings or private public partnerships to finance eligible schemes and projects; (6) Accept grants, subventions, donations, and gifts from the Central or State Government or local body or any individual or body whether incorporated or not, for any or all the objectives of the Corporation on such terms and conditions as mutually agreed upon; (7) To undertake schemes, either jointly with other State Government Corporations, or Government Entities in furtherance of the core objectives of the Corporation for which, the Corporation is established and all matters connected therewith; (8) To prepare annual plans, budgets and expenditure statements; (9) To take all such steps as may be necessary or convenient for, or may be incidental to, the exercise of any power or the discharge of any function conferred or imposed on it by this Act; (10) To undertake any other activities entrusted by the Government in furtherance of the objectives for which the Corporation is established. 14.Powers of the Corporation - (1) To enter any agreement with the Government or any of its undertakings from time to time in fulfilment of its core objectives; (2) To invite tenders, bids or offers and enter into contracts in respect of the implementation of the schemes entrusted to it by the Government; (3) To accord administrative approval, accept tenders, sanction budget and make financial provisions, settle disputes arising out of contracts and do any other things which may be necessary or expedient for the purpose of carrying out its functions under this Act; (4) To acquire and hold property both movable and immovable as the Corporation may deem necessary for the performance of any of its functions, duties and activities and to lease, sell, exchange or otherwise transfer any as may be deemed proper by the Corporation; (5) To engage financial advisors, investment bankers and/or consultants, legal advisors and other professional consulting firms to assist the Corporation in fund raising from Banks, Financial institutions, Capital Markets and others; (6) To do all such things and perform all such actions as may be necessary for or incidental or conducive to any matters which are necessary in furtherance of the objectives for which the Corporation is established; (7) To pay any interest and principal due on the borrowed money from the Corporation funds; (8) To open the bank accounts and invest the funds with due diligence and prudence, the monies which cannot be immediately applied, in public financial institutions (or) Government of India securities (or) Government of Andhra Pradesh owned NBFC’s subject to such conditions as may, from time to time, be specified by the Board; (9) To sue and be sued by its corporate name; 9 (10) No matter or thing or action done by the Corporation or the executive committee or its member or whomsoever acting under the Corporation as per the Act, bonafide or in good faith for the purpose of executing the provisions of this Act shall subject such person for any claim, liability, claim or demand whatsoever in respect thereof. CHAPTER VI FINANCE, ACCOUNTS AND AUDIT 15.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 such bank or banks as may be specified by the Government in this behalf. (4) Such accounts shall be operated by such officer of the Corporation as may be authorised 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.