Section 58 in Andhra Pradesh Housing Board Act, 1956
58. Board's Fund.
(1)The Board shall have its own fund. [The fund shall be vested and deemed to have always vested in the State. The fund shall be operated by the Board based on or according to the directions given by the State from time to time. All receipts into the said Fund and all payments from the said Fund shall be received and made, and be so deemed to have been received and made by the Board on behalf of the State] [Added by Act No.33 of 2018, dated 01.11.2018.];(2)The Board may accept grants, subventions, donations and gifts from [any Government] [Substituted 'the Central Government or State Government' by Act No.33 of 2018, dated 01.11.2018.] or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.(3)The Government shall, every year, make a grant to the Board of a sum equivalent to the administrative expenses of the Board.(4)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, betterment charges and all interest, profits and other moneys accruing to the Board shall constitute the fund of the Board [and to pay any deficit in the Fund]. [Added by Act No.33 of 2018, dated 01.11.2018.](5)Except as otherwise directed by the Government all moneys and receipts, specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the [State Bank] [Substituted 'Hyderabad State Bank' by Act No.33 of 2018, dated 01.11.2018.] or in any scheduled Bank or invested in such securities as may be approved by the Government.(6)Such account shall be operated upon by such Officers as may be authorised by the Board.[***] [Omitted '(7)' by Act No. 33 of 2018, dated 01.11.2018.]
