Amendment status not verified — confirm the current text below against the official source.
(1) The Development Authority shall open an account with a National- ized Bank and shall'operate such account. (2) The Development Authority shall have the power to invest in fixed deposit in such Bank. (3) All moneys received on account of the Development Fund shall be paid into the said B ank and all transactions shall be made by the Development Authority through the account with the said Bank. (4) The Member-Secretary shall operate the account with the Bank jointly with a member, or an officer of the Development Authority, as-maybe authorised i41 this behalf by the Development Authority.