Amendment status not verified — confirm the current text below against the official source.
tbo.flmclions of the Board.sbaU be- (Q) ·to e:xercise the powers of the prescribed .authority in cases where the State Government bas, by notification in the Official G~tte, _directed ·that the powers of the prescribed authority shall be exercised by the Board; (b) to advance . loans to W,c ownen; and occupllll.ts in slUtn areas 'for carrying out improvements or repairs and the Bo~rd shall be _compttetit to raise funds for this purpose; eorvante, ... ,.. ... ,. theBoAA ,,. i~: oUJ. Goff. GAZ •• Ex., MAY 115, 1973/VAlSAJ(ltA 26, 18_96 (c) to operate schemes relating to development of open lands into plots in slum areas, with all the public amenities and utility services; (d) such other functioDE as niay be prescribed ~· (1) The Board shall have its own fund. (2) The Board may accept grants, subventions, donations and &ifts from the Central or State Government or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act. (3) All moneys received by or on behalf of the Board by -·virtue of this Act, all proceeds of lands or any other kind of property sold by the Board, aU reitts, betterment charge.! and all interest, profits and other moneys accruing to ihe Board shall constitute the fund of the Board. (4) Except as otherwise directed by the State Government, all moneys and ). receipts Specified .in the foregoing provisions and forming part of the fund of the Board shall be deposited in the Reserve Bank of India or in any scheduled bank or invested in such securities as may be approved by the State Govern- A!-p116'ltiOP ofthnfUPd. SubventiDil8 andlnaoB to tb11 :Boartl. Powel' of """"' .. liorrow. ment (5) Such account shall be operated upon by such officers as may be autho- rised by the Board. Explanation :-For purposes of this section, the Reserve Bank of India shall mean the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934, and a ~cheduled bank shall mean a bank included in the Second ~!3'!. Schedule to the said Act. . 2!J. All property, fund and all other assets vesting in the Board shall be held ~d app~ied by it, subject to the provisions and for the purposes of this Act