Section 23:
Fund of the Authority.
(1) The Authority shall have and maintain its own fund to which shall
be credited--
(a) all moneys received by the Authority from the Central Government by way of grants, loans,
advances or otherwise;
1[(aa) all moneys borrowed by the Authority from sources other than the Central Government by
way of loans or debentures;]
(b) all fees and charges received by the Authority under this Act;
(c) all moneys received by the Authority from the disposal of lands, buildings and other
properties, movable and immovable; and
(d) all moneys received by the Authority by way of rents and profits or in any other manner or
from any other source.
(2) The fund shall be applied towards meeting the expenses incurred by the Authority in the
administration of this Act and for no other purposes.
(3) The Authority may keep in current account of the State Bank of India or any other bank approved
by the Central Government in this behalf such sum of money out of its fund as may be prescribed by rules
and any money in excess of the said sum shall be invested in such manner as may be approved by the
Central Government.
(4) The Central Government may, after due appropriation made by Parliament by law in this behalf,
make such grants, advances and loans to the Authority as that Government may deem necessary for the
performance of the functions of the Authority under this Act; and all grants, loans and advances made
shall be on such terms and conditions as the Central Government may determine.
1[(5) The Authority may borrow money by way of loans or debentures from such sources (other than
the Central Government) and on such terms and conditions as may be approved by the Central
Government.
(6) The Authority shall maintain a sinking fund for the repayment of moneys borrowed under
sub-section (5), and shall pay every year into the sinking fund such sum as may be sufficient for
repayment within the period fixed of all moneys so borrowed.
(7) The sinking fund or any part thereof shall be applied in, or towards, the discharge of the loan for
which such fund was created, and until such loan is wholly discharged it shall not be applied for any other
purpose.]
Notes:
1. Ins. by s. 12, ibid. (w.e.f. 30-12-1963).