Amendment status not verified — confirm the current text below against the official source.
( 1 ) The Slum Rehabilitation Authority shall have and maintain its own fund, to which shall be credited,- ( a ) all moneys received by the Slum Rehabilitation Authority from the State Government by way of grants, subventions, loans raised under this Act; (b) all fees, costs and charges received by the Slum Rehabilitation Authority under this Act; ( c ) all moneys received by the Slum Rehabilitation Authority from the disposal of lands, buildings and other properties, moveable and immoveable and other transactions. ( 2 ) The Slum Rehabilitation Authority may keep current and deposit account with the Bank. Explanation. - For the purposes of this sub-section, the expression "Bank" means,- ( i ) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); ( ii ) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); ( iii ) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); ( iv ) any other bank, being a scheduled bank as defined in clause ( e ) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934), as may be approved by the State Government. ( 3 ) Such accounts shall be operated by such officers of the Slum Rehabilitation Authority as may be authorised by it in this behalf. ( 4 ) Notwithstanding anything contained in sub-sections ( 2 ) and ( 3 ), the Slum Rehabilitation Authority may keep on hand such sum as it thinks fit, for its day to day transactions, subject to such limits and conditions as may be prescribed.