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Section 12 -Air Corporations Act, 1953

Air Corporations Act, 1953

 

 

12. Funds of the Corporations.—

 

(1) Each of the Corporations shall have its own funds and all receipts of the Corporation shall be carried thereto and all payments for the Corporation shall be made therefrom.

 

(2) Each of the Corporations may keep in 1[account] with any scheduled bank as defined in section 2 of the Reserve Bank of India Act, 1934 (2 of 1934) or in any other bank approved by the Central Government in this behalf a sum of money not exceeding such amount as may be prescribed, but any moneys in excess of the said sum shall be deposited in the Reserve Bank of India or with the agents of the Reserve Bank of India or invested in such manner as may be approved by the Central Government.

 

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1. Subs. by Act 49 of 1971, sec. 6 (w.e.f. 1-2-1972).

 

 

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Air Corporations Act, 1953

 

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