to d 23. ( 1) Every contract , or assurance . o of property aE~~~:ti~~ on behalf of the Board shall be in wri… — ASS.l\.l\f ACT II OF 1987

to d 23. ( 1) Every contract , or assurance . o of property aE~~~:ti~~ on behalf of the Board shall be in writing and executed 'R. .·ndt. by such authority and in such manner as may be

1 to d 23. ( 1) Every contract , or assurance . o of property aE~~~:ti~~ on behalf of the Board shall be in writing and executed 'R. .·ndt. by such authority and in such manner as may be d d b h B d loa t by d e · m authority d b h y t e .B and in .B d oar eg~ttra loa of contracts d etermme h y t e d oar . etc. Notwithstanding · anything contained in the Indian Registration Act, 1908 (Act, XIV of 1908)it shall not be necessary for the Secretary or any other Officer of the Board authorise · to execute on behalf or the Board any agrt.:ement or other instrument to appear in person or by agent at any . registration office in any proceedings connected with the registration of any such . a agreement or instrument or to sign· as · provided in Section 58 of that Act: · Provided that the Registering Officer to . w whom such instrument is presented may, if he thinks fit, refer to the Secretary or such other officer for information regarding the same and shall, on being satisfied of the execution thereof, register the (1) The Board shaH have its own fund which shall be deemed 10 be a local fund and to which shall be credited all moneys received by or on behalf of the Board. ~nest.(j~~~'dgeted Ex-· penditure. The Budgetary p·rovisions hitherto being made in the State Budget in the Public Engineering Organisation, Urban Development Department such as Municipal Administration Department and Town and Country ·. Planning Department for construction and maintenance of Urban Water Supply, Sewerage . and Drainage, shall . c continue to be · provided in the budget for the . current firiancial year and the amounts of these provisions as may be considered necessary by the· State Government shall be transferred to the Board's fund on such terms and conditions as may· be decided by the State Goverpment. · ·The expenditure on the Board· will be debited to a new sub-head of Account "Water Supply and Sewerage Board'' to be opened under ''284 ·Urban Development-a General ( 1) B-Other State Plan Schemes and. Non-Plan I-A Direction a~d . A Administration ~ ~.:..._General ;\~rilin~straiton (a) EXtCept as otherwise directed by the State all moneys belonging to the Board's fund shall . b be deposited either in the State Bank of India or in such other Scheduled . : :aank, or invested in suc.h securities, as may be approved by the State Government. · · 25· ( 1) Save as ~here i in the opinion of the Board · circumstances of extreme urgericy have arisen, no difilkh'f f gy sum exceeding five lakh's of rupees on account of recurring expenditure or exceeding fifteen lakhs of on account of non-recurring expenditure shall })e spent by the in, financial year unless such sum has "!Jeen mcluded m a statement submitted under sub-section (1) of Section 39. Where any such sum in spent in drumstances of extreme urgency a report thereon, in4icating the source . f from which · it is proposed to meet . the . e expenditure shall be made as soon as practicable to the Government, t":nli~a~~·s Finance. ( 1) The Board shall, as far as practicable, carry · on its operations under this Act on sound CommerGial principles, or ''No-profit nu-loss basis" and shall adjust its rates of charges accordingly: . Prc . vided that where necessary · any amount due for meeting the operating, maintenar.ce and manage111ent expenses of the Board for purposes of clause (i) and (ii) of Section 32 may, · to extent as may be sanctioned by the State Government, be paid out of the Board's fund. The taxes, fees and charges authorised to be imposed under this Act shall · be sufficient to enable the Board to . c cover the follov;ing : ( i) operating expenses, (ii) maintenance, (iii) taxes payable by the Board, (iv) depreciation, (v) interest repayment, (vi) amounts required for the repayment of longterm loan to the extent that such repay-· ments shall exceed the provision for depreciation, and reserves. (vii) adequate allocation to . r The State Government may from time to time make subventions to the Board for the pur" · poses of this Act on such terms ·and condition as . the State Government may determine. Subventions to the Board. Loans the Board. to 28. The State Government may from time to time advance loans to the Board on such terms and. conditions ·not inconsistent with the provisions of this Act as the State Government may determine. Pewer o .f .f ·the Board to borrow and lend. ' 29. Sui?ject · to the prQvisions of this Act and the rules made and· subject to such conditions as · may be specified by the Government by a general or special I order issued in this behalf, the Board may, from tir'ne to time, borrow money required for the purposes of this Act in any one or more of the manners specified below, under Local Authorities Loans Act, . 1914 (Central Act IX of 1914)- . ). (ij raisi::g- of loans from Bank or other finan-. · cial institutions or the Life Insurance C·)rporation established under Section 3 . of the Life Insurance Corporation Act, 1956 (Central Act 31 of 1956); or (ii) raising loans from any Corporation owned or controlled by the Centr-al cr . .. Stafe Government ; or (iii) raising loans from the public by issue of bonds, or debentures or stocks or otherwise in the form and manner approved by the Government. Gua.rantee b h Gua.ran by the 30. The Government may guarantee m such Governmel)t manner as they think fit, the payment of the prinof Loans. cipal and interest of a:ny loan proposed to be raised by the Board in regard to the investigation, preparatioFJ or· execution of schemes made under this. Act. · F.?rm, 31. (1) Whenever money is borrowed by the Board ~~:~~~: on debentures, the debentures shall be in~. s such Traufer . and form as the Board may, with the . p previous sanction ~fb~~tu~es. of the State Gove 'r 'rnment specify. · All debentures shall be signed by the Managing Director or Secretary or by any one of the Official Directors of the . B Board. The holder of any debenture in any form specified under sub-section (1) may obtain in exchange · therefor a debenture ·in any other form specified in the provided in sub-section ( 1) and upon such teril'ls as the Board may determine· · . (4) Every debenture issued by the Board shall other be transferable by endorsement, unless some . o mode . of transfer is specified therein . . 's issued of the Managing· and such signature may be · engraved, mechanical . (5) All coupons attached to the debenture 's the Board shall bear the signature . o Director . lith.ographed . or impressed by any '. Priorities of Libilitio Priorities of Liabilities of tho Board. ·

Section 1