Section 14 in THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION ACT, 2020
14. Powers of the Corporation -
(1)To enter any agreement with the Government or any of its undertakings from time to time in fulfilment of its core objectives;(2)To invite tenders, bids or offers and enter into contracts in respect of the implementation of the schemes entrusted to it by the Government;(3)To accord administrative approval, accept tenders, sanction budget and make financial provisions, settle disputes arising out of contracts and do any other things which may be necessary or expedient for the purpose of carrying out its functions under this Act;(4)To acquire and hold property both movable and immovable as the Corporation may deem necessary for the performance of any of its functions, duties and activities and to lease, sell, exchange or otherwise transfer any as may be deemed proper by the Corporation;(5)To engage financial advisors, investment bankers and/or consultants, legal advisors and other professional consulting firms to assist the Corporation in fund raising from Banks, Financial institutions, Capital Markets and others;(6)To do all such things and perform all such actions as may be necessary for or incidental or conducive to any matters which are necessary in furtherance of the objectives for which the Corporation is established;(7)To pay any interest and principal due on the borrowed money from the Corporation funds;(8)To open the bank accounts and invest the funds with due diligence and prudence, the monies which cannot be immediately applied, in public financial institutions (or) Government of India securities (or) Government of Andhra Pradesh owned NBFC’s subject to such conditions as may, from time to time, be specified by the Board;(9)To sue and be sued by its corporate name;(10)No matter or thing or action done by the Corporation or the executive committee or its member or whomsoever acting under the Corporation as per the Act, bonafide or in good faith for the purpose of executing the provisions of this Act shall subject such person for any claim, liability, claim or demand whatsoever in respect thereof.
