Section 3M in The Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971
3M. Fund of Slum Rehabilitation Authority.
(1)The Slum Rehabilitation Authority shall have and maintain its own fund, to which shall be credited,-(a)all moneys received by the Slum Rehabilitation Authority from the State Government by way of grants, subventions, loans raised under this Act;(b)all fees, costs and charges received by the Slum Rehabilitation Authority under this Act;(c). all moneys received by the Slum Rehabilitation Authority from the disposal of lands, buildings and other properties, movable and immovable and other transactions.(2)The Slum Rehabilitation Authority may keep current and deposit account with the Bank.Explanation.- For the purposes of this sub-section, the expression 'Bank' means,-(i)the State Bank of India constituted under the State Bank of India Act, 1955;(ii)a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;(iii)a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;(iv)any other bank, being a scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934 as may be approved by the State Government.(3)Such accounts shall be operated by such officers of the Slum Rehabilitation Authority as may be authorised by it in this behalf.(4)Notwithstanding anything contained in sub-sections (2) and (3), the Slum Rehabilitation 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.
