Section 19 in New Town, Kolkata Development Authority Act, 2007
19. Development Fund and the application thereof.
(1)There shall be constituted for the Development Authority a fund to be called Development Fund for New Town, Kolkata (hereinafter referred to in this Act as the Development Fund) to be held by the Development Authority for the purposes of the Act and all moneys realised or realisable under this Act and all moneys otherwise received by the Development Authority shall be credited thereto.(2)All moneys credited to the Development Fund shall be applied for payment of all sums, charges and costs necessary for carrying out the purposes of this Act and the rules and the regulations made thereunder or for payment of all sums payable out of the Development Fund under any other law for the time being in force.(3)No payment of any sum shall normally be made out of the Development Fund unless such expenditure is covered by a current budget grant and sufficient balance of such budget is available for the purpose.(4)Whenever a sum is paid for the purposes not covered by the budget grant, the matter shall forthwith be communicated to the Development Authority which shall take such action under the provision of this Act as may appear to it to be feasible and expedient for covering the amounts of such payment.
