Amendment status not verified — confirm the current text below against the official source.
Corporation Fund.- All moneys received by or on behalf of the corporation by or under this Act or any other law, all taxes, tolls and other imposts, fines, fees, penalties paid to or levied by it under this Act, all proceeds of land or other property sold by the corporation and all rents accruing from its land or property and all interests, profits and other moneys accruing by gifts or transfers from the Government or private individuals or otherwise shall constitute the corporation fund and shall be held, applied and disposed of in accordance with the provisions of this Act, the rules and the regulations made thereunder or any other law for the time being in force. 1[149A. Urban Transport Fund.- (1) There shall be constituted a Fund called the Urban Transport Fund which shall consist of,- (i) Urban Transport Cess collected under section 103C of this Act and section 94A of the Karnataka Municipalities Act, 1964 (Karnataka Act 22 of 1964); (ii) all grants received from the State Government and Central Government, if any; and (iii) any other receipts, interest or any other form of income to this fund. (2) The Urban Transport Fund shall be utilized for,- (i) co-ordinated planning, projects formulation and implementation relating to urban transport and their integrated management; (ii) conducting studies, research, promotion and compaign to encourage for use of public transport; (iii) capacity building in the urban local bodies, parastatal agencies and in the State Government; and (iv) any other purpose as may be prescribed by the State Government. 137 (3) The Directorate of Urban Land Transport shall be the Secretariat to administer the fund constituted under sub-section (1). (4) The accounts of all receipts and expenditure arising out of the Urban Transport Fund shall be kept in such manner and in such form as may be prescribed. (5) The State Government shall appoint one of its officers as the auditor who shall subject to supervision and control of the Controller of State Accounts conduct audit of the Urban Transport Fund and he shall have access to all books of Accounts and to all receipts and expenditure relating to the Urban Transport Fund and the Director of Urban Land Transport or as the case may be the Director of Municipal Administration or Commissioner of the Corporation or any officer of Municipal Corporation, Municipality or Municipal Council shall furnish to him any information concerning any receipt of expenditure which may be required by him. (6) The Director of Urban Land Transport shall prepare Annual Report of the operation of the Fund and furnish the report to the State Government for laying before each House of the State Legislature. Audit report and compliance in this regard shall also be laid before each House of the Legislature.]1