Section 107(10) in Andhra Pradesh Metropolitan Region and Urban Development Authorities Act, 2016
(10)The Development Fund shall be governed by the following principles, namely:-(a)The Head of the Finance Section of the Authority shall be responsible for administering the Development Fund and should be responsible for its administration, management and monitoring;(b)The Development Fund shall be audited annually by reputed professional audit firms;(c)The Development Fund shall be managed using professional fund management practices including treasury, cash management and investment portfolio management;(d)All returns generated via investments made using Development Fund to accrue back to the Development Fund only;(e)The Head of the Finance Section shall prepare and submit annual investment plans (along with the budget) outlining investment and funding strategy for the year.
