Act Number: 55

Act Name: The Airports Authority of India Act, 1994

Year: 1994

Enactment Date: 1994-09-12

Long Title: An Act to provide for the constitution of the Airports Authority of India and for the transfer and vesting of the undertakings of the International Airports Authority of India and the National Airports Authority to and in the Airports Authority of India so constituted for the better administration and cohesive management of airports and civil enclaves whereat air transport services are operated or are intended to be operated and of all aeronautical communication stations for the purposes of establishing or assisting in the establishment of airports and for matters connected therewith or incidental thereto.

Ministry: Ministry of Civil Aviation

Department:

Section 24: Fund of the Authority and its investment.
    (1) The Authority shall have its own fund and all receipts of the Authority shall be credited thereto and all payments of the Authority shall be made therefrom.
     (2) The Authority shall have power, subject to the provisions of this Act, to spend such sums as it thinks fit to cover all administrative expenses of the Authority and on objects or for purposes authorised by this Act and such sums shall be treated as expenditure out of the fund of the Authority.
     (3) All moneys standing at the credit of the Authority which cannot immediately be applied as provided in sub-section (2), shall be--
         (a) deposited in the State Bank of India or any such Scheduled bank or banks or other public financial institutions subject to such conditions as may, from time to time, be specified by the Central Government; and
         (b) invested in the securities of the Central Government or in such manner as may be prescribed.
     Explanation-- In this sub-section, "Scheduled bank" has the same meaning as in clause (e) of section of the Reserve Bank of India Act, 1934 (2 of 1934).
Previous Section Next Section
Scroll to Top