Amendment status not verified — confirm the current text below against the official source.
(1) The Government may, by notification in the Gazette, frame a Scheme to be called the Kerala Industrial Revitalisation Fund Scheme for the establishment of a fund under this Act for the revitalisation of Public Sector Industrial Undertakings and other industrial undertakings in the State and there shall be established, as soon as may be after the framing of the scheme, a fund in accordance with the provisions of this Act and the Scheme. (2) There shall be credited to the fund,- (a) the contribution specified in section 7; (b) the amount borrowed by the Board under section 8; (c) grants or loans or advances made by the Government or any institution; (d) any amount raised by the Board from other sources to augment, the resources of the Board; and (e) any other amount which, under the provisions of the Scheme, shall be credited to the fund. (3) The fund shall vest in, and be administered by, the Board constituted under section 4. (4) The fund may be utilised for all or any of the following purposes, namely:- (a) to revitalise public sector industrial undertakings and other industrial undertakings; (b) to provide financial assistance to public sector industrial undertakings and other industrial undertakings. (c) to redeem the bonds and debentures used to raise resources for the fund; and (d) for implementation of any other purpose specified in the scheme. (5) All moneys specified in sub-section (2) shall be deposited into the public account of the Government or with the approval of the Government with any Scheduled Bank or with the Financial Institution owned by the State Government and the said account shall be operated by the Fund manager. (6) Subject to the provisions of this Act, the Scheme framed under sub-section (1) may provide for all or any of the matters specified in sub-section (4) and in the Schedule. (7) The Scheme shall be laid, a soon as may be, after it is framed, before the Legislative Assembly while it is in session for a total period of fourteen days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, the Legislative Assembly makes any modification in the scheme, the scheme shall thereafter have effect only in such modified form; so however that, any such modification shall be without prejudice to the validity of anything previously done under the Scheme.