Section 55 of The Arunachal Pradesh Housing Board Act, 2014 — FINANCE, ACCOUNTS AND AUDIT
Bare section text
Official Legislative Text
- (1)The Board shall have its own fund called the Board's Fund. Housing Board Fund into which shall be credited all monies received as under:-
- (a)byway 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. Application 56. All properties, Funds and all other assets of the Board ol the shall be held and applied by it, subject to the provisions using i Board ES a. and for the purpose of this Act. Subventions 57. (1) The State Government may from time to time and loans to make subventions or advance to the Board for the Board. the purpose of this Act on such terms and conditions as the State Government may determine. Power ofthe 58. (1) The Board may from time to time, with the Board to previous sanction of the State Government and borrow. subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required for the purposes of this Act from the public or from any corporation owned or controlled by the central or any Government.
- (2)Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sum from or any part thereof from the public, take credit from Bank or financial institution owned or controlled by the central or any Government on cash-account to be kept in the name of the Board may the previous sanction of the Government, mortgage all or any of the properties vested in the Board as security for such credit.
- (3)For the promotion and execution of any Housing Scheme, the Board may, enter into financial institutions’ arrangement with Life Insurance Corporation of India (LIC), any Bank or other financial institutions approved by the Government, subject to such conditions and limitations as may be prescribed and with the previous approval of the Government.
- (4)The Board may, out of its funds, grant loans and advances on such terms and conditions as it may determine, to any cooperative society registered under the Cooperative Society Act or to any other person for construction of houses, subject to the provision of this Act as may be prescribed.