Section 44 in Bihar Regional Development Authority Act, 1974
44. Fund of the Authority.
(1)The authority shall have and maintain own fund to which shall be credited-(a)all moneys received by the authority from the State Government from the Central Government by way of grants, advances otherwise;(b)all moneys borrowed by the Authority from sources other than State Government or the Central Government by way of loans debentures;(c)all fees including betterment fees and charges received by the(d)all moneys received by the Authority from the disposal of lands, buildings and other properties movable and immovable; and(e)all moneys received by the Authority by way of rents and profits or in any other manner or from any other source;Provided that the setting up of the Authority would not involve any additional commitment from the Central Government by way of grants , loans, advances or otherwise.(2)The Authority shall receive duty on certain transfers of immovable property in accordance with the provisions hereinafter in this section contained-(i)The duty imposed by the Indian Stamp Act, 1899 (11 of 1889) as modified from time to time in its application to the State of Bihar on Instruments of sale, gift and usufructuary mortgage of immovable property shall in the case of instruments affecting immovable property situated in the area notified under Sub-section (2) of Section 1 of the Act and executed on or after the date on which the provisions of this Act came into force in such area be increased by five percentum on the value of the property transferred by the instrument or (in the case of an usufructuary mortgage) on the amount secured by the instrument, as set forth in the instrument:(ii)For the purposes of this section-(a)Section 27 of the Indian Stamp Act, 1899) as modified from time to time shall be read as if it specifically required the particulars referred to therein to be set forth separately in respect of property situated in the area notified under sub-section (2) of Section 1 of the Act.(b)Section 64 of the Indian Stamp Act, 1899 (11 of 1889) as modified from time to time shall be read as if it referred to the Authority as well as the State Government;(iii)All collections resulting from the said increase in stamp duty shall, after deducting incidental expenses (if any), be paid to the Authority by such time as may be prescribed by rules made by the State Government.(3)Contributions shall be made from Municipal Funds to the Authority in the manner hereinafter contained-(i)All the local bodies of the area notified under sub-section (2) of section 1 of the Act shall pay from their Municipal funds to the Authority on the fist day of each quarter, so long as the Authority continues to exit, a sum equivalent to one and a half per centum per quarter on the actual quarterly collection made on the basis of annual ratable valuation determined under the Bihar and Orissa Municipal Act, 1922 (B. & O. Act VII of 1922) and the Patna Municipal Corporation Act, 1951 (Bihar Act XIII of 1952) as the said actual quantity collection stood on the first day of the last preceding quarter; provided that if this Act comes into force during a quarter, the amount of the first of such payment shall bear (sic) hereunder as the unexpired(ii)The payments prescribed by clause (i) of sub-section (3) shall be made in priority to all other payments due from the municipality except those referred to in section 67 of the Bihar and Orissa Municipal Act, 1922 (B. & O. Act VII of 1922) and the local bodies shall submit quarterly returns in prescribed form to the Authority within 30 days from the close of the quarter.(iii)If any payment prescribed by clause (i) of sub-section (3) cannot it the opinion of the State Government, be made without increasing maximum amount authorised by sections 84, 85, 86 or 86A of the Bihar and Orissa Municipal Act, 1922 (B. & O. Act VII of 1922) and Section 89 of the Patna Municipal Corporation Act 1951, then that maximum amount may be increased to such extend as may it the opinion of the State Government, be necessary to secure the due making of such payment.(4)Contributions may be made from the Panchayat funds, agriculture market yards and other sources such as irrigation and water tax, etc, as approved by the State Government from time to time.(5)The funds so received by the Authority shall be applied towards meeting the expenses incurred by the Authority in the administration of this Act and for no other purposes:Provided that the liabilities due to the Centre and State Government an other bodies incorporate shall be the first charge upon the funds of the Regional Development Authority.(6)The Authority may keep in current 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 by rules and any money in cess of the said sum shall be invested in such manner as may be approved in the State Government.(7)The State Government may, after due appropriation made by the State Legislature by law in this behalf, make such grants, advances and loans to the Authority as the Government may deem necessary for the performance of the functions of the Authority under this Act; and all grants, loans and advances made shall be on such terms and conditions as the State Government made determine.
