Amendment status not verified — confirm the current text below against the official source.
Authority fund.- (1) The Authority shall have a fund to be called the Authority Fund which shall be operated by such officers as may be authorised 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 organisation or any individual or body, whether incorporated or not, for all or any of the purposes of this Act. (3) The 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 resources. (4) All moneys received by or on behalf of the Authority by virtue of this Act, and all interests, profits, and other moneys accruing 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 provisions and forming part of the Fund shall be deposited in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or invested in such securities, as may be approved by the State Government. (6) The Fund and all other assets vesting in the Authority shall be held and applied by it, subject to the provisions of and for the purposes of this Act.