(1) The Board shall have its own fund.
(2) The Board may accept grants, subventions, donations and gifts from the Central Government or State Government or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.
(3) The Government shall, every year, make a grant to the Board of a sum equivalent to the administrative expenses of the Board.
Bar of jurisdiction of Civil Courts.
Board’s Fund.
[Act No. XLVI of 1956] 41
(4) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents, betterment charges and all interest, profits and other moneys accruing to the Board shall constitute the fund of the Board.
(5) Except as otherwise directed by the Government all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the 59[State Bank of Hyderabad] or in any Scheduled Bank or invested in such securities as may be approved by the Government.
(6) Such account shall be operated upon by such officers as may be authorised by the Board.
60[(7) Notwithstanding anything contained in subsections (1), (4) and (5) of this section, the surplus net revenue after meeting the expenditure of the Board shall vest in Consolidated Fund of the State of 61Telangana. Such surplus revenue shall be transferred to the State Government of 61Telangana into such account on quarterly basis, as the State Government from time to time instruct or advice the Board in this behalf.]
59. 62[Subject to the provisions contained in sub-section (7) of section 58,] all property, the Board fund and all other assets vesting in the Board shall be held and applied by it, subject to the provisions and for the purposes of this Act.
59. “Hyderabad State Bank” renamed as “State Bank of Hyderabad” by Central Act 79 of 1956.
60. Added by Act No.12 of 2010.
61. Substituted by G.O.Ms.No.45, Law (F) Department, dated
01.06.2016.
62. Inserted by Act No.12 of 2010.
Application of the Fund.
42 [Act No. XLVI of 1956]