Section 20 UP Urban Planning and Development Act: Fund of the Authority

Section 20: Fund of the Authority

How current this text is

Text as published by India Code for the Government of Uttar Pradesh, with amendments up to U.P. Act No. 1 of 2025.

The Act was made as President's Act No. 11 of 1973; this copy shows the enacting words substituted by U.P. Act No. 30 of 1974, and the Reasons for the Enactment printed after section 60 are not reproduced.

The marginal headings printed beside each section in this edition are shown as the section headings; section 60 carries no marginal heading in this copy.

(1) The Authority shall have and maintain its own fund to which shall be credited-

(a) all moneys received by the Authority from the State Government by way of grants, loans, advances or otherwise;

(b) all moneys borrowed by the Authority from sources other than the State Government by way of loans or debentures;

(d) all moneys received by the Authority from the disposal of lands, buildings and other properties, movable and immovable; and

(e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.

(2) The fund shall be applied towards meeting the expenses incurred by the Authority in the administration of this Act and for no other purposes.

(3) Subject to any directions of the State Government, the Authority may keep in current account of any Scheduled Bank such sum of money out of its fund as it may think necessary for meeting its expected current requirements and invest any surplus money in such manner as it thinks fit.

(4) The State Government may, after due appropriation made by Legislature by law in that behalf, make such grants, advances and loans to the Authority as that Government may deem necessary for the performance of the functions of the Authority under this Act, and all grants, loans and advances made hall be on such terms and conditions as the State Government may determine.

(5) The Authority may borrow money by way of loans or debentures from such sources (other than the State Government) and on such terms and conditions as may be approved by the State Government.

(6) The Authority shall maintain a sinking fund for the repayment of moneys borrowed under sub-section (5), and shall pay every year into the sinking fund such sum as may be sufficient for repayment within the period fixed of all moneys so borrowed.

(7) The sinking fund or any part thereof shall be applied in, or towards, the discharge of the loan for which such fund was created, and until such loan is wholly discharged it shall not be applied for any other purpose.

Footnotes in the official text

1.Subs. by sec. 2 of U. P. Act No. 48 of 1976.