(1) The Board may direct each party to deposit an equal amount as an advance for the costs referred to in subsection (2) of section 51, which the Board expects, will be incurred.
Commencement of arbitral or judicial proceedings.
Costs.
Deposits.
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(2) During the course of the conciliation proceedings, the Board may direct supplementary deposits in an equal amount from each party.
(3) If the required deposits under sub-sections (1) and
(2) are not paid in full by the parties within thirty days of the direction, the Board may suspend the proceedings or may make a written order of termination of the proceedings to the parties, effective on the date of that order.
(4) Upon termination of the conciliation proceedings, the Board shall render an account to the parties of the deposits received and shall return any unexpended balance to the parties.
53. The provisions of section 81 of the Arbitration and Conciliation Act, 1996 shall apply to the matters before the Board relating to admissibility of evidence in other proceedings.
CHAPTER - VII INFRASTRUCTURE PROJECTS FUND.
54. The Government shall establish a fund to be called the “Infrastructure Projects Fund” and shall contribute a sum of Rs. 100 lakhs to the fund. The Government will make such further contributions to the fund as it may deem appropriate from time to time.
55. The Government Agency or the Local Authority will inter-alia levy fees and charges on the application for the projects and project fee on the developer under the Concession Agreement as may be prescribed from time to time and which fees shall be credited to the fund.
Admissibility of evidence in other proceedings.
Central Act No.26 of
1996.
Establishment of the fund.
Fees and charges to be credited to the fund.
34 [Act No.36 of 2001]
56. The fund will be administered and managed by the Infrastructure Authority and the Infrastructure Authority will be entitled to appoint an officer or officers for the management, control and administration of the fund.
57. The Infrastructure Authority will utilise the fund for achieving objects and purposes of this Act and for financing the activities of the Infrastructure Authority for realising the objects and purposes of the Act from time to time.
58. The fund will be operated by and under the name of the Infrastructure Authority.
59. The Infrastructure Authority shall formulate its policy and regulations for financing, working, administration and management of the fund.
60. The working of the fund shall be subject to audit by Comptroller and Auditor General and the Infrastructure Authority shall submit a report every year as regards the working and operation of the fund to the State Government who will present the same before the Legislature of the State.
CHAPTER - VIII MISCELLANEOUS