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18. Fund of Corporation.—(1) The Corporation shall have its own Fund and all the receipts of the Corporation (including the amounts which stand transferred to the Corporation under section 16) shall be credited to the Fund and all payments by the Corporation shall be made therefrom.

(2) All moneys belonging to the Fund shall be deposited in one or more na-tionalised banks in such manner as the Corporation may decide.

(3) The Corporation may spend such sums as it thinks fit for performing its functions under this Act and such sums shall be treated as expenditure payable out of the Fund of the Corporation.

Explanation—For the purpose of the section, ‘nationalised bank’ means a cor-responding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a correspond-ing new bank specified in the First Schedule to the Banking Companies (Acquisi-tion and Transfer of Undertakings) Act, 1980.

 

 

 

 

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