Amendment status not verified — confirm the current text below against the official source.
(1) The Board shall have is own fund called the Housing Board Fund into which shall be credited all money received- (a) by way of grants, subdivision, donation and gifts from the Central Government or any State Government, Local Authority, District Council or anybody or individual for all or any of the purposes of this Act; and (b) by or on behalf of the Board under the provisions of this Act as well as all proceeds from the sale of land or any other kind of property of the Boards, all rents, interests, profits, and other moneys accruing to the Board. (2) Except as otherwise directed by the Government, the Board may deposit its funds in one or more Banks or invest them in Securities, or partly in one and partly in the other; Provided that in case of investment in securities, the same shall be done only with prior approval of the Government. (3) The accounts of the Board shall be operated upon by such officers as may be authorised by the Board by a general or special order.