Amendment status not verified — confirm the current text below against the official source.
(1) Every Local Plaruring Authority shall have and maintain is own fund to which shall be credited - (a) All moneys received by the Local Planning Authority from the State Covemment by way of grants, loans, advances, or otherwise; (b) All devetopment charges or other charges or fees received by the Local Planning Authority under this Act or rules or regulations made thereunder; (c) All moneys received by the Local Planning Authority from arly other source. (2) The tund shall be applied towards meeting (a) The expendinrre incurred in the administration of this Act; (b) The cost ofacquisition ofland in the planning area for purposes ofdevelopment ; (c) The expenditr.re for any development of land in the plaming area, and (d) The expenditure for such other purposes as the State Government/ State Urban and Country Planning Board may direct. 5'.7 (3) Every Local PlanningAuthority may keep in current account of the State Bank of lndia or any othar bank approved by the State Govemment/ State Urban and Couutry Planning Board in this behalf such sum of money out of its funds as may be prescribed by the rules and any money in excess ofthe said sum shall be invested in such manner as may be approved by the State Governmen, State Urban and Country Plaming Board. (4) The State Governmenv State Urban and Country Planning Board may, make such grants, advances and loans to any Local Planning Authority as it may deem necessary for the performance of the functions under this Act; and all grants, loans and advances made shall be on such terms and condi- tions as the State GovemmenV State U6an and Country Planning Board may determine.