Section 27: Fund of the Corporation.

The Road Transport Corporations Act, 1950Central Act · Act 64 of 1950

(1) Every Corporation shall have its own fund and all receipts of the Corporation shall be carried thereto and all payments by the Corporation shall be made therefrom.

(2) Except as otherwise directed by the State Government, all moneys belonging to that fund shall be deposited in the Reserve Bank of India or with the agents of the Reserve Bank of India, [or with the corresponding new banks constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)] or invested in such securities as may be approved by the State Government.

Where this provision sits

Act	The Road Transport Corporations Act, 1950
Section	27
Marginal note	Fund of the Corporation.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted. . Ins. by s. 14, ibid. (w.e.f. 13-11-1982).

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