Airports Authority of India Act : Fund of the Authority and its investment. Indian Bare Acts :

Airports Authority of India Act,1994

Act No : 55

Section : Fund of the Authority and its investment.

24. Fund of the Authority and its investment. (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 moneys standing at the credit of the Authority which cannot immediately be applied as provided in sub-section (2), shall be-- (a) deposited in the State Bank of India or any such Scheduled bank or banks or other public financial institutions subject to such conditions as may, from time to time, be specified by the Central Government; and (b) invested in the securities of the Central Government or in such manner as may be prescribed. 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). 12