Section 19 in The Jammu and Kashmir Development Act, 1970
19. 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 or State Government by way of grants, loans, advances or otherwise ;(b)all moneys borrowed by the Authority from sources other than the Government by way of loans or debentures;(c)all fees and charges received by the Authority under this Act;(d)all money received by the Authority from the disposal of lands, buildings and other properties, movable and immovable; and(e)all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.(2)The funds shall be applied towards meeting the expenses in curred by the Authority in the administration of this Act and for no other purposes.(3)The Authority may keep in current account of the Jammu and Kashmir Bank or any other Bank approved by the Government in this behalf such sum of money out of its find, 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 Government.(4)The Government may make such grants, advances and loans to the Authority, as the 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 Government may determine.(5)The Authority may borrow money by way of loans or debentures from such sources and on such terms and conditions as may be approved by the Government.(6)The Authority shall maintain a sinking fund for the repayment of money 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 for all the moneys so borrowed.(7)The sinking fund are 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.
