Section 17 in The Jammu and Kashmir State Forest Corporation Act, 1978
17. Fund of the Corporation.
(1)The Corporation shall have and maintain its own fund to which shall be credited all moneys received by or on behalf of the corporation.(2)The fund shall be applied towards meeting expenses incurred by the Corporation in the discharge of its functions under this Act and for no other purpose.(3)All moneys constituting the fund referred to in sub-section (1) shall be kept in the Jammu and Kashmir Bank Ltd. or in such other scheduled or Nationalized Bank as may be determined by the Government:Provided that nothing in this sub-section shall be deemed to preclude the Corporation from retaining such balance in cash as may necessary for current payment of day to day expenditure at any time of the year.(4)At the close of the financial year the Corporation shall determine the profits that may have accrued to the Corporation during the preceding year and remit the profits to the State exchequer as revenue of the Government :Provided that in determining the profits, the Corporation shall also take into account all expenses due on account of taxes and dividends, repayment of loans, liabilities incurred but not redeemed and such reserves as the Government may prescribe for the Corporation to build and maintain for the smooth running of the affairs of the Corporation.
