Section 20 in Maharashtra Industrial Development Act, 1961
20. Corporation's fund.
(1)The Corporation shall have and maintain its own fund, to which shall be credited-(a)all monies received by the Corporation from the State Government by way of grants, subventions, loans, advances or otherwise;(b)all fees, costs and charges received by the Corporation under this Act;(c)all monies received by the Corporation from the disposal of lands, buildings and other properties movable and immovable, and other transactions;(d)all monies received by the Corporation by way of rents and profits or in any other manner or from any other source.(2)The Corporation may keep in current or deposit account with the State Bank of India or any other Bank approved by the State Government in this behalf, such sum of money out of its fund as may be prescribed, and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government.(3)Such accounts shall be operated upon by such officers of the Corporation as may be authorized by it by regulations made in this behalf.(4)[ Notwithstanding anything contained in sub-sections (2) and (3), the Corporation may keep on hand such sum as it thinks fit for its day to day transactions, subject to such limits and conditions as may be prescribed.] [Sub-section (4) was added by Maharashtra 18 of 1975, Section 9.]
