(1) The Corporation shall have its own fund which shall be a local fund and to which shall be credited all mo… — THE UTTAR PRADESH FOREST CORPORATION ACT, 19741

(1) The Corporation shall have its own fund which shall be a local fund and to which shall be credited all moneys received by or on behalf of the Corporation.

17. (1) The Corporation shall have its own fund which shall be a local fund and to which shall be credited all moneys received by or on behalf of the Corporation. Powers of the Corporation to borrow Subventions to the Corporation Loans to the Corporation repayment of loans Budget Accounts and Audit The fund shall be applied towards meeting expenses incurred by the Corporation in the discharge of its functions under this Act and for no other purpose. The money of the Fund shall be kept in the State Bank of India or in the Uttar Pradesh Co -operative Bank or in any Scheduled Bank : Provided that nothing in this sub-section shall be deemed to preclude the Corporation from retaining such balances in case as may be necessary for current payment or from investing any portion of the fund not required for immediate expenditure in any of the securities described in section 20 of the India Trust Act, 1882. (1) The Corporation may from time to time with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as the State Government may by general or special order determine, borrow any sum required for the purposes of this Act, whether by the issue of bonds or stocks or otherwise or by making arrangement with bankers. Stock issued by the Corporation under this section shall be issued, transferred, dealt with and redeemed in such manner as the State Government may, by general or special order, direct. The State Government may, after due appropriation by law of the State Legislature, from time to time make subventions to the Corporation for the purposes of this Act on such terms and conditions as the State Government may determine. The State Government may, from time to time, advance loans to the Corporation for the purposes of this Act on such terms and conditions as the State Government may determine. (1) The Corporation shall, for the purpose of repayment of any loan raised by it establish a Sinking Fund in such manner as may be prescribed. The Sinking Fund shall be maintained, invested and applied in such manner as may be prescribed. The Corporation shall prepare, in such form and at such time every year as the State Government may direct, budget in respect of the financial year next ensuing, showing the estimated receipts and expenditure of the Corporation. (1) The Corporation shall maintain proper accounts and prepare an annual statement of accounts including balance-sheet in such form as the State Government may direct.

Section 17