Section 89 in Tamil Nadu State Housing Board Act, 1961
89. Board's fund.
(1)The Board shall have its own fund.(2)The Board may accept grants, subventions, donations and gifts from the Central or State Government or a local authority, or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.(3)All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents and all interest, profits and other moneys accuring to the Board shall constitute the fund of the Board.(4)Subject to the provisions of sub-section (5), all moneys and receipts specified in the foregoing provisons and forming part of the fund of the Board shall be deposited into the public accounts of the Government under such detailed head of account as may be prescribed and the said account shall be operated upon by such officers of the Board as may be authorized by the Board and in such manner as may be prescribed:Provided that the Board may invest any sums not required for immediate use in such securities or debentures as may be approved by the Government.(5)Notwithstanding anything contained in sub-section (4), the Board may deposit in the Reserve Bank of India or in any scheduled bank any amount not exceeding such sum as may be prescribed for the operation of an account with such bank and such account shall be operated upon by such officers of the Board as may be authorized by the Board and in such manner as may be prescribed.Explanation. - For the purposes of this section, the Reserve Bank of India shall mean the Reserve Bank of. India constituted under the Reserve Bank of India Act, 1934 (Central Act II of 1934) and a scheduled bank shall mean a bank included in the Second Schedule to the said Act.
