(1) Every Regional Board, [Special Planning Authority (other than a Special Planning Authority appointed under clause (b) of sub-section (1) of section 40)] or Development Authority [constituted under sub-section (2) of section 113] shall have and maintain its own fund to which shall be credited-
(a) all moneys received by such Board or Authority from the State Government by way of grants, loans, advance or otherwise,
(b) all fees or charges received by such Board or Authority under this Act or rules or regulations thereunder ;
(c) all moneys received from any other source.
(2) The fund shall be applied towards meeting-
(a) the expenditure incurred in the administration of this Act;
(b) the cost of acquisition of land in the area of the Authority concerned incurred for purposes of development ;
(c) the expenditure for any development of land in the area of the Authority concerned undertaken by such Authority; and
(d) the expenditure for such other purposes as the State Government may direct.
(3) Every Regional Board, [Special Planning Authority (other than a Special Planning Authority appointed under clause (b) of sub-section (1) of section 40)] or Development Authority [constituted under sub-section (1) of section 113] may keep in current account in the Reserve Bank of India or the State Bank of India or any other Bank approved by the State Government in this behalf, such sum of money out of its funds as may be prescribed by the rules and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government.