63. Expenditure of the State Government to be treated as loan or grant to the Board.
(1)The State Government may, with prior consultation with the Board at any time, declare that any expenditure incurred by it and any proceeding initiated by it, either before or after the constitution of the Board, shall be expenditure incurred or proceedings initiated, on behalf of the Board and upon such declaration, amount equivalent to such expenditure shall be deemed to have been given by the Government to the Board as loan with effect from such date as the State Government may appoint, provided that the State Government may give such amount as grant to the Board instead of as loan.(2)On a declaration being made under sub-section (a) above, such assets and liabilities as may have been created or as may have accrued as a result of the expenditure in respect of which a declaration have been made under sub-section (4), shall vest in the Board.
