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State of Gujarat - Act

The Bombay Statutory Funds Act, 1959

GUJARAT
India

The Bombay Statutory Funds Act, 1959

Act 71 of 1959

  • Published on 28 December 1959
  • Commenced on 28 December 1959
  • [This is the version of this document from 28 December 1959.]
  • [Note: The original publication document is not available and this content could not be verified.]
The Bombay Statutory Funds Act, 1959Bombay Act No. 71 of 1959[Dated 28th December 1959]For Statement of Objects and Reasons, see Bombay Government Gazette, 1959, Part V, page 824.An Act to provide for the establishment and maintenance of certain Statutory Funds and for matters connected therewith.Whereas in February 1959, a supplementary grant of a sum of rupees fourteen corers was made by the Bombay Legislative Assembly for the establishment of certain Funds known as Earmarked Funds and Endowment Funds for development activities in the State of Bombay;And Whereas by the Bombay (Supplementary) Appropriation Act, 1959 (Bombay V of 1959) the said sum was appropriated for the services and purposes "Miscellaneous" under the Head of Accounts "57, Miscellaneous" as expressed in the Schedule to that Act;And Whereas in pursuance thereof the Accountant general transferred from the Consolidate Fund of the State of Bombay the said sum of rupees fourteen crores to the credit of the public account of the State;And Whereas in August 1959 a supplementary grant of a further sum of rupees one crore was made by the Bombay Legislative Assembly for the establishment of an Earmarked Fund for Co-operative Aid;And Whereas by the Bombay (Second Supplementary) Appropriation Act, 1959 (Bombay XL of 1959) the said sum of rupees one crore was appropriated for the services and purposes "Miscellaneous" under the Head of Accounts "57, Miscellaneous" as expressed in the Schedule to that Act;And Whereas in pursuance thereof the Accountant General transferred from the Consolidated Fund of the State of Bombay the said sum of rupees one crore to the credit of the public account of the State;And Whereas it is expedient to establish by law Statutory Funds for the purposes for which the said Earmarked Funds and Endowment Funds were established and to make provision for matters connected therewith; It is hereby enacted in the Tenth Year of the Republic of India as follows:-

1. Short title and commencement.

(1)This Act may be called the Bombay Statutory Funds Act, 1959.
(2)It shall come into force on such date as the State Government may by notification in the Official Gazette, appoint.

2. Establishment of Statutory Funds.

(1)On the commencement of this Act there shall be established the Statutory Funds specified in Schedule A.
(2)Subject to the provisions of this Act and the rules made thereunder the Statutory Funds established by sub-section (1) shall be held and maintained on behalf of the Governor of Bombay by the Secretary to the Government of Bombay in the Finance Department.
(3)On the date of the commencement of this Act, the amount standing to the credit of each of the Earmarked and Endowment Funds specified in Schedule B in the public account of the State shall be paid into the corresponding Statutory Fund established under sub-section (1).

3. Purposes for which the Statutory Funds may be applied.

(1)From and out of the Statutory Funds established under sub-section (1) of Section 2 no sums shall be paid or applied except in the manner and for the purpose and to the extent hereinafter provided.
(2)The amounts standing to the credit of the Statutory Funds may be applied for the same purposes in the same manner and to the same extent as the grants made to the corresponding Earmarked and Endowment Funds as specified in Schedule B.

4. Investments and reinvestments of sums to credit of Statutory Funds.

- The State Government shall from time to time invest or reinvest all sums to credit of the Statutory Funds at serial Nos. 10, 11 and 12 in Schedule A and may invest or reinvest all or any of the sums to the credit of the other Statutory Funds in Government Securities as defined in clause (2) of Section 2 of the Public Debts Act, 1944 (XVIII of 1944) in the name of the Secretary to the Government of Bombay, Finance Department or such other officer as the State Government may specify in this behalf.

5. Interest and instalments.

- Every loan advanced from any of the Statutory Funds shall bear interest at such rate and shall be made repayable in such instalments and within such period as may be fixed subject to sub-section (2) of Section 3 by the rules made under this Act.

6. Interest accruing on sums invested or reinvested to form part of Statutory Funds.

- The interest which may from time to time accrue on sums under Section 4 or Section 5 shall form part of the respective Statutory Fund.

7. Power of State Government to make rules.

(1)The State Government may by notification in the Official Gazette, make rules for the purpose of carrying into effect the provisions of this Act.
(2)All rules made under this section shall be laid for not less than thirty days before each House of the State Legislature as soon as possible after they are made and shall be subject to such modifications as the State Legislature may make during the session in which they are so laid or the session immediately following.

A

(See Section 2)

1. Water Supply Fund.

2. Distress Relief Fund.

3. Amenities Fund.

4. Educational Building Fund.

5. Female Employees Building Fund.

6. Building Land Development Fund (Housing Fund).

7. Underdeveloped Areas Development Fund.

8. Fisheries Development Fund.

9. Co-operative Aid Fund.

10. Medical Research Endowment Fund.

11. Scientific and Industrial Research Endowment Fund.

12. Agricultural Research Endowment Fund.

B

(See Section 3)
Serial No. Name of the Fund Amount Remarks
1 2 3 4
    Rs.  
1. Water Supply Fund 3,00,00,000/- The fund will be utilised for financing watersupply schemes in villages and small Municipal Towns having apopulation of not more than 30,000. Preference will however begiven to rural areas over urban areas. Long term loans will begiven from the fund at 3 per cent, interest and will be repayableover a period of 25 years. The fund will be utilised for givingloan and not grant-in-aid.
2. Fund for relief of distress caused by naturalcalamities apart from famine. 50,00,000/- The fund will be utilised for giving both loansand grants. Relief necessitated on account of famine will not begiven out of this fund as there is already a separate fund(Famine Relief Fund) for the purpose.
3. Fund for providing amenities such asplaygrounds, parks, gardens, theatres, etc. 50,00,000/- Long term loans will be given out of this fundto Municipalities, District Local Boards and Gram Panchayts. Theloans will be at a low rate of interest viz., 3 per cent, andwill be repayable over a period of 25 years.
4. Fund for construction of hostels for students,quarters for teaching staff, school or college buildings, etc. 2,00,00,000/- Loams will be given from this fund toeducational institutions. The loans will bear interest at 3 percent, and will be repayable over a period of 25 years.
5. Fund for construction of residential quartersfor nurses midwives, school mistresses and women social workersin rural and semi-urban areas. 1,00,00,000/- Loans bearing 3 per cent, interest and repayableover a period of 25 years will be given out of this fund to localbodies including village Panchayats.
6. Housing Fund 2,00,00,000/- Loans will be given out of this fund toCooperative housing societies, Municipalities or Local Boards fordeveloping land for facilitating and encouraging buildingactivities to be undertaken thereon. The loans will bear interestat 3 per cent, and will be repayable over a period of 25 years.
7. Fund for amelioration of the economicallyundeveloped areas in the State. 1,50,00,000/- The fund is intended for accelerating the paceof development envisaged in the Five-Year Plan and for taking upadditional schemes which can yield early results in theeconomically underdeveloped areas of the State. Loans bearinginterest at 3 per cent, and repayable over a period of 25 yearswill be given from this fund.
8. Fisheries Fund 50,00,000/- Loans bearing interest at 3 per cent, andrepayable over a period of 25 years will be given from this fundto Fisheries Cooperatives. If any grants are required to be givenaddition to loans, the former will be met from departmentalprovisions and not from this earmarked fund.
9. Co-operative Aid fund. 1,00,00,000/- The Fund will be utilised for granting loan-termloans with interest at 3 per cent, per annum to the CooperativeProcessing and Joint Farming Societies which are in need of loanassistance for purchase of land and machinery and construction ofbuildings. The loan will be repayable in not more than 10instalments. These loans will be granted after consideringcarefully that such loans do not compete with Central FinancingAgencies and Apex Cooperative Banks or tends to weaken theirworking in any manner. The funds will be administered by theFinance Department.
10. Medical Funds. Research Endowment. 1,00,00,000/- The fund will have a credit of Rs. 1 crore andit will be built up by transfer of securities from cash balanceinvestment account. Only the interest receipts accruing from thesecurities held in the fund will be utilised for financingresearch schemes, the corpus of the fund remaining intact. Thefund will be administered on the lines of the Indian Council ofScientific and Industrial Research.
11. Scientific and Industrial Research EndowmentFund. 1,00,00,0007- The fund will have a credit of Rs. 1 crore andit will be built up by transfer of securities from cash balanceinvestment account. Only the interest receipts accruing from thesecurities held in this fund will be utilised for financingresearch schemes, the corpus of the fund remaining intact. Thefund will be administered on the lines of the Indian Council ofScientific and Industrial Research.
12. Agricultural Research Endowment Fund. 1,00,00,0007- The fund will have a credit of Rs. 1 crore andit will be built up by transfer of securities from cash balanceinvestment account. Only the interest receipts accruing from thesecurities held in this fund will be utilised for financingresearch schemes the corpus of the fund remaining intact. Thefund will be administered on the lines of the Indian Council ofAgricultural Research.