Amendment status not verified — confirm the current text below against the official source.
The State Covernmenl may, after due appropriation made by State legislature by law in thisbehalf; (a) provide any capital that may be required by the Authorityfor the discharge of its functions under this Act or for any purpose connected therewith on such terms andconditions as the StateGovemment may determine; (b) pay te the Authority, on such terms and conditions as the State Govemment may determine, by way of loans or grants such sums of money as the State Governrnent may considernecessary forthe efficient discharge by theAuthority of its functions Fund of theArtt ority-lnder this act' Zl. (1) There shall be consituted a fund and there shall be credited thereto; (a) AnygrantoraidreceivedbytheAuthority; (b) Any loan taken by theAuthority or any borrowings made by iU (c) any other sums received by theAuthority; (d) All sums of money specified in section ?0 &21(a)' (b) & (c) shall be deposited in any nationalised or Scheduled Bank orin such otherFinancial Institutions as may be decided by the Governing Council and the said amount shall be operated in such manner as prescribed (2) The t'und shall be utilized formeeting- (a) expenses of the Authority in the discharges of its functions having regard to the purposes for which such grants, loans orborrowings are received and for matters connected therewith or insidental thereto; (b) salary, allowances other remuneration and facilities provided to the members, officers and other employees of the A uthority ; (c) expenses on objects and for purposes authorized by this Act' (3) Any demand against the fund of the Authority shall be deemed to be public demand, the recovery of which, shall be admissible-underthe Public Demand Recovery Act, 1914. Budget-- 22" TheAuthority shall prepare, in such form and at such time in each financial yearas may be prescribed, its budget for the next financial year showing the estimated receipt and expencliture of the Authority and forward the same to the StateGovernment. investmentof funds--