Amendment status not verified — confirm the current text below against the official source.
(by) Where any and is needed for the purpuse at a housing scheme or tor performing any other duties of functions ef the Board, the Board. muy enter into au agreement with any person for the acquisition by purchase. lease or exchange. of his rights and iterests in such lard either whelly of in. part, on pay” ment of ait amount proportionale to the loss or depti- vation caused to the enjoyment of the tand. (2) The Board may _atso take steps for the eornpulsory acquisition of any land or any _ interest therein yequired for the execution scheme or for performing any other duties or fune- tions of the Board and such acquisition of any land oF any interes( therein shall be deemed to be acquisition for a public purpose within the meaning of the Land Acquisition Act. CHAPTER V Finance, accounts and audit. 31, (1) Such assets and tiabdlities of the State Government which the State Government may decide to transfer to the Board on such terms and conditions as may be prescribed shall, with effect from the date of notification made by the State Covernment in this behalf, stand vested and transferred to the Board. (2) AlL debts and expenditure qoeurred, all contracts entered into apd ail matters and things engaged to ba done BY, with or for the State Govern ment in respect: of the assets and fjabilities transferced af a housing: Pawer to exempt schemes from : provisions of In this Act. ee Power to Qequtre.. at ‘franster of gssbts-ta, the bs Board. , x . \ ~ “eageet gt 8 ' aah Hei NY ‘Board's fund. Ayplicatioa of oie Laod. ‘the Board shall be deposited in the Reserve Ba “any National “Governn ofthe Board. shall. be on 13 dinder sub-section (1) before and up to the date of -4ranster shall be deemed to have been incurred, enter- ed-into.ot engaged to be done with or for the Board and-all suits and other legal proceedings instituted or which may be instituted by or against the State Government in respect of such assets shall be conti- hued or instituted by or against the Board, as the case cmay be.” oo BY wy The Board.shall have a fund to be called the Housing Board Fund. : “(23 The Board may accept grants, subventions, -dénations and gifts from the Central. or the State ‘Government. or a local authority or any individual or body, whether incorporated or not, for all or any ef ‘the purpases of this Act. 1Q) The State Government shall every year ake a grant to the Board’of the amount required w “meet the administrative expenses of the Board for a period of five. years from the daie of the constitution of the Boaré (oy (4-tamoneys received by ar on behalf o1 the ardoall proceeds of sale of land or any ot perty’-all rents, betterment charges and all interesis. profits and other moneys securing to the Board shall be deposited in the fund of the Board. ‘ (3): Except as otherwise directed by the State Governmeni, .all moneys and receipts specified in the foregoing provisions and forming par! of the fund of EK of India or in any branch of the State Bank of India or in suck ce in ak account or any cash or : operated or handled officers as-may.be authorised by the Be (6) The | be lawinl fori (a) recurtigg exp thousand rup (b} nOn-TecurrINg expendi Be exter two lakhs of rupecs. (2) eré ahy sum UuTstances extYeme ug section {1}, a report inherent inclic “ting the source from her pro- . jaf 1956+ 4 which it proposed to yaeet the expenditure shall be made by the Bourd as soon 35 practicable, to the State Government. a5, (1) The State Government may from iime to time make subventions 40 the Board Yor the parposes of this Act on such terms and conditions as the State Government may determine. 2 The State Government may from time to dime advance joans to the Board of such terms af conditions nok inconsistent with the provisions of this Act as the State Government may determine.