(1) The Corporation shall make provisions for such reserve and other specially denominated funds as the State Government may, from time to time, direct.
(2) The management of the funds referred to in subsection (1), the sums to be transferred, from time to time, to the credit thereof and the application of money comprised therein, shall, subject to the directions, if any, issued by the
8. Substituted by Act No.8 of 2004.
Acceptance of deposits by Corporation.
Power to spend.
Expenditure on objects other than Irrigation Projects.
Reserve and other funds.
22 [Act No.12 of 1997] State Government in this behalf, be determined by the Corporation.
(3) None of the funds referred to in sub-section (1) shall, except with the previous approval of the State Government be utilised for any purposes other than that for which it is constituted.