Amendment status not verified — confirm the current text below against the official source.
(1) The Board shall have ils own lund called the Board's Fund. Housing Board Fund into which shall be credlted all monies received as under:- (a) by way of grants, donations, subventions and gilts from the central Government or any Sate Government, Local Authority or anybody or individuals for all or any of the purposes ol this Act; and (b) by or on behalf of the Board under the provisions of this Act as all proceeds from the sale of land or any other kind of property ol the Board, all rents, interests, profits and other monies accruing to lhe Board. (2) Except as otherwise directed by the State Government, all monies and receipts specilied in the loregoing provisions and lorming part of the lund of the Board shall be deposited in the State Bank of lndia or in any Scheduled Bank or a Co- operative Bank or invested in such securities as may be approved by the State Government. (3) The accounts of the Board shall be operated upon by such officers as may be authorised by the Board by a general or special order. Explanation. -Fot the purposes of this section, a Scheduled Bank shall mean a bank included in the Second Schedule to the Reserve Bankof lndia Act, '1934. Application of the Housing Board Fund Subventions 57. (1) and loans to the Board. Power of the 58. (1) Board to bonow. 220