(1) Such assets and liabilities of the State Government which the State Government may decide to transfer to the Board on such terms andconditions as may be prescribed shall, with effect from the date of notification made by the State Government in this behalf, stand vested in and transferred to, the Board.
(2) All debts and expenditure incurred, all contracts entered into and all matters and things engaged to be done by, with or for the State Goveniment in respect of the assets and liabilities transferred under subsection (1) before and up to the date of transfer shall be demed to have been incurred, entered into or engaged to be done with or for the Board and all suits and other legal proceedings instituted or which may be instituted by or against the State Government in respect of such assets shall be continued or instituted by or against the Board, as the case may be.
Board's 30. (1) The Board shall have a fund to be called the Housing Board fund. Fund.
Transfer of assets to the Board.
180 The West Bengal Housing Board Act, 102.
XXXII of 1972.]
(Chapter V.—Finance, accounts and audit.—Sections 31-34.)
(2) The Board may accept grants, subventions, donations and gifts from the Central or the 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 State Government shall every year make a grant to the Board of the amount required to meet the administrative expenses of the Board for a period of three years from the date of the constitution of the Board.
(4) All moneys received by or on behalf of the Board, all proceeds of sale of land or any other property, all rents, betterment charges and all interests, profits and other moneys securing to the Board shall be deposited in the fund of the Board.
(5) Except as otherwise directed by the State Government, all moneys and receipts specified in the foregoing provisions and forming part' f the fund of the Board shall be deposited in the Reserve Bank of India or in any branch of the State Bank of India or invested in such securities as may be approved by the State Government.
(6) The bank account or any cash or security of the Board shall be.
operated or handled by such officers as may be authorised by the Board.
31. All property, fund and all other assets vested in the Board shall be held and applied by it, subject to the provisions and for the purposes of this Act.