Amendment status not verified — confirm the current text below against the official source.
Application of revenue account.— (1) The moneys credited to the revenue account shall be held by the Board in trust, and shall be applied to— (a) payment of all charges or payments towards interest or sinking fund due on account of any loan taken in pursuance of this Act, and all other charges incurred in connection with such loans; (b) payment of all sums due from the Board in respect of rates and taxes imposed by the local authority concerned, upon the land vested in the Board; (c) payment of cost, if any, of maintaining a separate establishment for the collection of rents and other proceeds of land vested in the Board; (d) payments of all sums which the Government may direct to be paid to any auditor under section 79. (e) payment of the cost of the management excluding such proportion thereof as may be debited to the capital account under clause (h) of section 70; (f) payment of all other sums due from the Board, other than those which are required by section 70, to be disbursed from the capital account. (2) The surplus, if any, remaining after making the payments referred to in sub-section (1) shall, subject to the maintenance of a closing balance as required by sub-section (2) of section 66, be invested in the manner laid down in section 60 towards the service of any loan outstanding after the expiry of thirty years from the commencement of this Act, unless the Government otherwise directs.