The International Airports Authority Act 1971
19. Fund of the Authority
(1) The Authority shall have its own fund and all receipts of the Authority shall be credited thereto and all payments of the Authority shall be made therefrom.
(2) The Authority shall have power, subject to the provisions of this Act, to spend such sums as it thinks fit to cover all administrative expenses of the Authority and on objects or for purposes authorised by this Act and such sums shall be treated as expenditure out of the fund of the Authority.
(3) All money standing at the credit of the Authority which cannot immediately be applied as provided in subs-section (2) shall be deposited in the State Bank of India or in such scheduled bank or banks and subject to such conditions as may from time to time be specified by the Central Government.
Explanation. In this sub-section “scheduled bank” has the same meaning as in clause (e) of section 2 of the Reserve Bank of India Act,1934 (2 of 1934).
