Fund of the Authority

Section 23 of the Delhi Development Act, 1957 deals with fund of the Authority. 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; The Act came into force on 30 Dec 1957.

(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.]

Section 23, The Delhi Development Act, 1957 (Act 61 of 1957).