Amendment status not verified — confirm the current text below against the official source.
(1) There shall be established a Fund to be called the Madhya Pradesh Highway Fund. (2) There shall be credited to the Fund- (a) all moneys received from the Central Government for construction or maintenance of Highways directly to the Authority except the Authority charges or the reimbursement of direct costs incurred by the Authority which is towards the day-to-day expenditure of Authority for the concerning project; (b) the contribution or grant or loan or advance if specifically credited to Fund by the State; (c) all payments of .premium made by the concessionaire as per the concession agreement to Authority; (d) all returns on investments made out of the Fund. (e) proceeds towards encashment of performance security or bid security by Authority for default of concessionaires or bidders; (f) any other amount authorised for credit to the Fund under the provisions of this Act or rules made thereunder or any other law for the time being in force; (g). amount already standing as a credit in the accounts of Authority pertaining to the heads mentioned in clause (a) to (f) shall form the initial corpus of the Fund. (3) All moneys specified in sub-section (2) and forming part of the Fund shall be deposited in a separate account in any nationalised or scheduled Bank, or in such other financial institution as may be decided by the Executive Committee and the said account shall be operated by the Member Secretary of the Executive Committee in such manner as may be specified by regulations: Provided that the Member Secretary may invest any sum not required for immediate use in such securities or debentures as may be approved by the Executive Committee. 418 (7) Establishment of Fnnd. 418 (8) Utilization Fund of Constitution and composition of the Executive committee. Powers and functions of the Executive COlllmittee. T[~ ~, ~ 25 ~ 2012