Section 55 in Arunachal Pradesh Housing Board Act, 2014
55. Board's Fund.
(1)The Board shall have its own fund called the Housing Board Fund into which shall be credited all monies received as under:-(a)by way of grants, donations, subventions and gifts from the central Government or any State Government, Local Authority or anybody or individuals for all or any of the purposes of this Act; and(b)by or on behalf of the Board under the provisions of this Act as all proceeds from the sale of land or any other kind of property of the Board, all rents, interests, profits and other monies accruing to the Board.(2)Except as otherwise directed by the State Government, all monies and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the State Bank of India or in any Scheduled Bank or a Co-operative Bank or invested in such securities as may be approved by the State Government.(3)The accounts of the Board shall be operated upon by such officers as may be authorised by the Board by a general or special order.Explanation. - For the purposes of this section, a Scheduled Bank shall mean a bank included in the Second Schedule to the Reserve Bank of India Act, 1934.
