Amendment status not verified — confirm the current text below against the official source.
(1) An appropriate authority shall have and maintain its own fund to which shall be credited- Fund of the appropriate authority. (a) all moneys received by the authority by way of grants, loans, 1[advances, fees, development charges or otherwise;] (b) all moneys derived from its undertakings, projections and other sources; (c) such amount of contributions from local authorities as the State Government may specify from time to time to be credited to the fund of the authority. (2) The fund of an appropriate authority shall be applied towards meeting- (a) expenditure incurred in the administration of this Act; (b) cost of acquisition of land for the purposes of this Act; (c) expenditure for any development of land in the development area; (d) expenditure for such other purposes as the State Government may direct. (3) An appropriate authority may keep in current account with the State Bank of India or any other bank approved by the State Government in this behalf, such sums of money out of its fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government. (4) The State Government may, make such grants, advances and loans to an appropriate authority as the State Government may deem necessary for the performance of its functions under this Act and all grants, loans and advances so made shall be made on such terms and conditions as the State Government may determine. 2[91A. (1) Notwithstanding anything contained in this Act and the rules or regulations made thereunder, any amount received towards development charge and fees collected under clause (vii-a) of sub- section (1) of section 7, or under clause (m) of sub-section (2) of section 12, or fees collected under clauses (vi-a) and (ix-a) of sub- section (1) of section 23, as the case may be, shall be credited to a fund called the "Consolidated Infrastructure Fund" which shall be held by the appropriate authority in the trust for the purposes' of augmentation, improvement or creation of any infrastructure facility. (2) The State Government, may by specific or special order, may utilise the fund in such proportion as it may think fit for any of the Establishment of Consolidated Infrastructure Fund. purposes provided under subjection (1).]