Amendment status not verified — confirm the current text below against the official source.
i) The Authority shall have and maintain its own fund to which shall be credited- a. all moneys received by the authority from the State Government and the Central Government by way of grants, loans, advances or otherwise; b. all moneys received by the Authority from sources other than the State Government or the Central Government, by way of loans or debentures; c. all fees received by the Authority under this Act; d. all moneys received by the Authority from the disposal of lands, buildings and other properties, movable and immovable; e. all moneys received by the Authority by way of the rent, profits, fees, charges, penalty or in any other manner or from any other source; and f. all moneys received by the Authority in connection with the execution of any town development scheme; g. Any penalty imposed by the Authority. ii) The funds of the Authority shall be applied towards meeting- a. the expenditure incurred in the administration, implementation and carrying out the provisions of this Act; b. the cost of acquisition of land for the purposes of this Act; c. the expenditure for the development of land and construction of houses; and d. the expenditure for such other purposes as the State Government may direct or permit. iii) The Authority shall keep its fund in any Scheduled Bank or in any Apex Co- operative bank or a Central Co-operative Bank. iv) The Authority may invest any portion of its fund is such securities or in such other manner as it may determine from time to time. v) The income resulting from investments mentioned in sub-section (iv) and proceeds of the sale of the same shall be credited to the fund of the Authority. 35