(1) There shall be a Panchayat Fund for each Panchayat and the same shall be utilised for carrying out the duties and obligations imposed upon the Panchayat by this Regulation.
(2) The following shall be credited to and form part of the Panchayat Fund, namely :—
(a) the proceeds of any tax or fee imposed under this Regulation and of any tax or fee imposed under any other law and transferred to the Fund;
(b) the grants or contributions made by the Government or any local authority or person;
(c) the income from securities in which the Panchayat Fund is invested;
(d) all sums received by way of loans or gifts;
(e) the income from or proceeds of any property of the Panchayat;
(f) the sale proceeds of all dust, dirt, dung or refuse collected by the employees of the Panchayat;
(g) sums assigned to the Panchayat Fund by any general or special order of the Government;
(h) all sums received in aid of or for expenditure on any institution or service, maintained or financed from the Panchayat Fund or managed by the Panchayat.
(3) The amount in the Panchayat Fund shall be applied subject to the provisions and for the purposes of this Regulation and shall be kept in such custody as may be prescribed.
38. The Administrator may, subject to such conditions as he may deem fit, make grants to a Panchayat for general purposes or lor the improvement of the area within its jurisdiction and the welfart of the residents therein.
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39. (I) The Administrator may, if ho deems fit, place all or any of the properties, of the nature specified below, and situated within the jurisdiction of a Panchayat under the direction, management and control of the Panchayat, namely :—
(a) open sites, waste, vacant and grazing lands, not being private property, and river beds;
(b) public roads and streets;
(c) public channels, water courses, wells, ponds, tanks (except irrigation tanks under the control of the Government), public springs, reservoirs, cisterns, fountains, aqueducts and any adjacent land (not being private property) appertaining thereto;
(d) public sewers, drains, drainage works, tunnels and culverts and things appertaining thereto and other conservancy works;
(e) sewage, rubbish and offensive matter deposited on streets or collected by the Panchayat from streets, latrines, urinals, sewers, cesspool and other places; and
(f) public lamps, lamp posts and apparatus connected therewith or appertaining thereto.
(2) All markets and fairs or such portion thereof as are held upon public land shall be managed and regulated by the Panchayat and the Panchayat shall receive to the credit of the Panchayat Fund all dues levied or imposed in respect thereof.