Amendment status not verified — confirm the current text below against the official source.
Constitution of Corporation fund: (1) Save as otherwise provided in this Act, - (a) all funds which immediately before the declaration and constitution of the Corporation under sections 3 and 4 of this Act vested in any body or local authority in the municipal area or any part thereof or rural area or a part thereof, if any ; (b) all moneys received by or on behalf of the Corporation under the provisions of this Act or of any law for the time being in force or under any contract ; ( c) all proceeds of the disposal of property by, or on behalf of the Corporation ; ( d) all rents occurring from any property of the Corporation ; (e) all moneys raised by any tax, rate or cess levied for the purposes of this Act; (f) all fees collected and all fines levied under this Act or under any rule, regulation or by- law made thereunder; (g) all moneys received by or on behalf of the Corporation from the Government or any individual or association of individuals by way of grant or gift or deposit; (h) all interests and profits arising from any investment of, or from any transaction in connection with, any money belonging to the Corporation including loans and advances under this Act; (i) all moneys received by or on behalf of the Corporation from any other source whatsoever shall form one fund to be known as the Corporation Fund. (2) The Corporation Fund shall be held by the Corporation in trust for the purposes of this Act subject to the provisions herein contained and a general account relating to all moneys received by or on behalf of the Corporation shall be maintained.