Section 7 in The Bihar Industrial Area Development Authority Act, 1974
7. Financial powers.
(1)The Authority shall have and maintained its own fund to which shall be credited-(a)all moneys received by the Authority from the State Government by way of grants, loans advances or otherwise;(b)all fees, rents, charges, levies and fines received by the Authority under this Act;(c)all moneys received by the Authority from disposal of its movable and immovable assets;(d)all moneys received by the Authority by way of loan from financial and other institution and debentures floated for the execution of a scheme or schemes of the Authority duly approved by the State Government.(2)Unless the State Government otherwise directs, all moneys received by the Authority shall be credited to its fund which shall be kept with the State Bank of India and/or one or more of the Nationalised Banks and drawn as and when required by the Authority.(3)[ Such accounts shall be operated upon by such officers of the Authority as may be authorised by it by regulations made in this behalf.(4)The Authority shall have the power to spend such sums as it deems fit for the purposes authorised under this Act from out of the general fund of the Authority as the requirement may be.(5)Notwithstanding anything contained in sub-section (2) and (3) above, the Authority may keep on hand such sum as it thinks fit for its day to day transactions, subject to such limits and conditions as may be prescribed.] [Added by Bihar Act No. 7 of 2018, dated 4.6.2018.]
