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State of West Bengal - Section

Section 20 in New Town, Kolkata Development Authority Act, 2007

20. Opening and operation of bank account.

- [(1) The Development Authority shall open account with such Nationalized Banks and will such Scheduled Banks, as may be prescribed.] [Substituted by West Bengal Act No. 16 of 2016, dated 20.1.2017.]
(2)The Development Authority shall have the power to invest in fixed deposit in such Banks.
(3)All moneys received on account of the Development Fund shall be paid into the said Bank and all transactions shall be made by the Development Authority through the account with the said Bank.
(4)[ The Member-Secretary or the Chief Executive Officer will jointly operate the account of the Development Authority with Finance Officer or any other officer to be designated by the Development Authority:Provided that in the absence of Finance Officer or any other officer, the Member-Secretary and the Chief Executive Officer will jointly operate the account of the Development Authority.] [Substituted by West Bengal Act No. 10 of 2010, dated 27.5.2010.]