Section 96 in The Bihar (Coal Mining) Area Development Authority Act, 1986
96. Fund of the Authority.
(1)The Authority shall have and maintain its own funds to which shall be credited:-(a)all money received by the Authority from the Government by way of grants, loans, advances, or otherwise;(b)all Development Charges or other charges or Costs, Fees received by the Authority under this Act or rules or regulations thereunder;(c)the proceeds of the tonnage cess on the annual despatches of Coal and Coke from mines;(d)the proceeds of the sale of water to consumers;(e)all sums borrowed by the Authority under section 123;(f)all receipts in respect of any school or institution or work vested in or under the control and administration of the Authority;(g)contribution from such local Authority/Authorities of the area included in the Coal Mining Development Area of the Authority;(h)contribution from Panchayat funds, agriculture market-yards and other sources such as irrigation tax, water tax, etc., as approved by the State Government from time to time.(2)The Authority shall receive duty on transfers of immovable property in accordance with the provisions hereinafter contained in this section-(i)The duty imposed by the Indian Stamp Act, 1899 (Act II of 1899) as modified from time to time in its application to the State of Bihar on instruments of sale, gifts and usufructuary mortgage of immovable property situated in Coal Mining Development Area as declared under section 3 of this Act and executed on or after the date of which the provisions of this Act comes into force in such area, be increased by 5 per cent on the value of the property transferred by the instrument or (in the case of the usufructuary mortgage) on the amount secured by the instrument, set forth in the instrument;(ii)All collections resulting from the aforesaid increase in Stamp Duty shall, after deducting incidental expenses (if any), be paid to the Authority by such time as may be directed by the State Government.(3)All amounts received by the Authority from any other source.(4)The funds shall be applied towards meeting:-(a)the expenditure incurred in the performance of all functions under this Act;(b)the expenditure for such other purposes as the Government may direct.(5)The Authority may keep in current account of the State Bank of India or any other Nationalised Bank in this behalf, such sum of money out of its funds as may be prescribed by the rules and any money in excess of the said sum shall be invested in such manner as may be approved by the Government.(6)The Government may, make such grants, advances and loans to the Authority as it may deem necessary for the performance of the functions under this Act, and all grants, loans and advances shall be on such terms and conditions as the Government may determine.
