(1) The receipts of a municipal council under this Act or any town-planning scheme made thereunder shall form a separate town-planning fund and all expenditure under this Act or any town-planning scheme thereunder shall be defrayed out of such fund. No portion of the fund shall, except with the sanction of the *[State Government], be expended for purposes not provided for by this Act.
(2) The moneys required, in the first instance, to establish such fund, and any deficiency from time to time occurring in such fund by reason of the excess of expenditure over receipts shall, subject to such rules as the *[State Government] may frame in this behalf be supplied out of the general municipal fund or out of moneys borrowed in pursuance of this Act.
(3) Separate accounts shall be maintained by each municipal council for its town-planning fund.
56. Substituted by Madras Act II of 1930.
57. Omitted by the A.A (Amdt) O. 1954.
Appeal.
Municipal townplanning fund.
24 [Act No.VII of 1920]
31. A municipal council, taking action under this Act, shall be deemed to be a local authority as defined in the Local Authorities Loans Act, 1914, for the purpose of borrowing money under the provisions of that Act, and the making and execution of a town-planning scheme shall be deemed to be a work which such local authority is legally authorized to carry out.
58[32. [XXX]]
CHAPTER VII.
LAND ACQUISITION.
33. Immovable property required for the purposes of a town-planning scheme shall be deemed to be land needed for a public purpose, within the meaning of the 59Land Acquisition Act, 1894, 60[and may be acquired,-
(a) under the said Act, or
(b) under the said Act as modified in the manner hereinafter provided in this chapter.]
34. 60[In cases falling under clause (b) of section 33 a notification under section 14 shall, notwithstanding anything contained in the Land Acquisition Act, 1894, operate] in respect of any land for the purposes of the scheme as a declaration under section 6 of the said Act and no further declaration shall be necessary, but it shall not be incumbent on the *[State Government], or officer authorized in that behalf, to take immediate steps for the acquisition of such land. Provided that if the land is not acquired within three years from the date of the notification, it shall cease to have
58. Section 32 was omitted by the Adaptation Order, 1937.
59. See now the Provisions of the Act, 2013 (Central Act 30 of 2013).
60. Substituted by Madras Act IV of 1934.
Power to borrow.
Modification of land Acquisition Act.
Notification under section 14 to have effect as declaration under section 6, Land Acquisition Act.
Central Act I of 1894.
Central Act 9 of 1914.
[Act No.VII of 1920] 25 effect as a declaration under section 6 of the Land Acquisition Act, 1894.