Amendment status not verified — confirm the current text below against the official source.
(I) The Authority shall have a fund to be called the Authority Fund which shall be operated by such officer as may be authorized by the Authority. (2) The Authority may accept grants, subventions, contributions, donations and gifts from the Central Government, the State Government, a local authority, any international organization or any individual or body, whether incorpontcd or not, for all or any of the purposes of this Ac!. (3) Tnc State Government shall. every year, make a grant to the Authority of a sum equivalent to the administrative expenses of the Authority till the Authority is able to meet its administrative expenses out of its own resource.~. (4) All moneys received by or on behalf of the Authority by virtue of tJ1~s .. A.ct and al! i..l'Jterest, profits, a..~d other moneys accr~.ing to or borrowed by the Authority, shall be credited to the Fund. (5) Except as otherwise directed by the State Government, all moneys and receipts specified in the foregoing provision and forming part of the Fund shall be deposited in any Scheduled Bank as defined in the Reserve PART-IV] GUJARAT GOVERNMENT GAZETTE EX. 9-11-2006 31-11 2 of1934. Bank of India Act, 1934 or invested in such securities as may be approved by the State Govemn1ent. (6) The Fwid and all other assets vesting in the Authority shall be held and applied by it, for the purposes of this Act.