125. Application of revenue account. - (1) The moneys credited to the revenue account shall be held by the Board in trust, and shall be applied to -
(a)meeting all charges for interest and sinking fund due on account of any loan taken in pursuance of section 89, clause (a), or section 91, and all other charges incurred in connection with such loans;(b)paying all sums due from the Board in respect of rates and taxes imposed under [the Calcutta Municipal Act, 1951], upon land vested in the Board;(c)paying the cost (if any) of maintaining a separate establishment for the collection of the rents and other proceeds of land vested in the Board;[(ci) paying of cost of holding or participating in conferences or exhibitions relating to urban improvements];[(cc) paying the fees prescribed for arbitrators under section 78D];(d)paying all sums which the [State Government] may direct to be paid to any auditor under section 132 ;(e)making payments in pursuance of section 149, for interest or for expenses of maintenance or working;(f)paying the cost of management, excluding such proportion thereof as may be debited to the capital account under clause (g) of section 123; and(g)paying all other sums due from the Board, other than those which are required by section 123 to be disbursed from the capital account.(2)The surplus (if any) remaining after making the payments referred to in sub-section (1) shall,subject to the maintenance of a closing balance of one lakh of rupees, and[unless contributed permanently to the capital account under the direction of he State Government or advanced to the capital account under the provisions of section 127], andunless the [State Government], other directs,be invested, in the manner prescribed in section 101, towards the service of any loans outstanding after the expiry of sixty years from the commencement of this Act.
