Amendment status not verified — confirm the current text below against the official source.
Fund of the Authority.- (1) There shall be a Fund called “Pilikula Development Authority Fund”. (2) There shall be credits to the said Fund,- (i) all grants, subventions, donations and gifts made by the Central Government or State Government or any local authority or anybody, whether incorporated or not or any person; (ii) the amount borrowed by the Authority; (iii) all other sums received by or on behalf of the Authority from any sources whatsoever; (iv) all money credited to the Fund shall be invested in any scheduled Bank decided by the Authority based on competitive interest rates; and (v) the administrative expenses of the Authority including the salaries, allowances and pension if any, payable to the Commissioner and other officers and employees of the Authority shall be paid out of the fund of the Authority.