Section-24.Fund of the Authority and its investment

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 there to and all payments of the authority shall be made there from.

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 92 , shall be-

a. deposited in the State Bank of India or any such scheduled bank or banks 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 is such manner as may be prescribed. Explanation – In this sub-section Scheduled bank has the same meaning as in clause(e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).