Section 27
of the IndianStamp Act , 1899 (II of ·j 899) as modified trom time to time shall be read as if it specifically required the oarticulars referred to therein to bo set forth separat ely in respect or property situated in the area notified under sub-ser.tion (2) ot Section ·1 of the Act.
Section 27.of the IndianStamp Act , 1899 (II of ·j 899) as modified trom time to time shall be read as if it specifically required the oarticulars referred to therein to bo set forth separat ely in respect or property situated in the area notified under sub-ser.tion (2) ot Section ·1 of the Act.
(b) Section 64 of the Indian Stamp Act, i 899 (II of 1899) as modified f;-om time to lime shall be road as ii it referred to the Authority as well as the State Government;
(iii} Al! collections resulting from the said increase in stamp duty shall . alter deducting incidsntal expenses (if any}, be paid to tho Authority by such time as may be prescribed by rules made by the State Government .
Contributions shall be made from Municipal Funds to the Authority in the manner hereinafter contained -
(l) All the local bodies of the area notified under sub-section (2) of section 1 of the Act shal! pay from t:1ei' Municipal funds to the Authorlty on the fist day of each quarter . so long as the Authorily continues 10 exist, a sum equivalent to one and a half per contum per quarter on the actual quarterly collection made on the basis of annual ratable valuation determined under the Blhar and Orlssa Municipal Act , 1922 (B . 8: 0. Act VII of 1922) and the Pat:i.'.":' Municipal Corporation Act , 1951 (8ihar Act XIII of 1952) as the said actual quantity collection stood on tho tirst day of the last prnceding quarter: provided that it this Act comes into tores durina a quarter, the amount of 11,e 'first of such payment shall bear -- .. ~1-. 1 ~ , h.c,r,:,11nrlP.r as the unexpired
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(ii) The payments prescribed by clause (1) of sub-secuor- (3) "''1al . ,-,3 made in priorlty to a!I other payments dt e from °lh<' munic11'.,..ll1,v except those referred to in section 67 of the Bihar and Or· "' n 1Viuni01pal Act 1 922 (B: g 0. Act VI I of 19?2) and the local ovdb shall submit quarterly returns in prescribed form lo the AlJlt , r,r1 tv wilhm 30 _pay::; Irom the close of the quarter ,
(iii) · It any payment prescribed by clause (i) of sub-section (3) cannot ir the opinion of H,e Stale Government, l.Je made ' w ahout incre::~.S!irf maximum amount authorised by sections 84, 85 , 86 or SCA. , )· tn ~ Bif1a rid Orissa Municipal Act, -1922 (B & 0 . Act \l:i 01 Hi22 , and cction 89 of tho Patna Municipal Corporation Act "19,,·,, t;-, . er th:)t maximum amount may be increased lo such c)cten! as may ir the opinion of the State Government. be necessary lo secure th, duo making of such payment.
Contributions may be made from he Panchayat funds, agriculture mar ket yards and other sources such as irrigation and water tax . etc. as "' pprc11e( by tho State Government from time to time.
(5 ) The tunes so received by the Authority shall be applied towards meet ing the expenses incurred by the Authority in the administration of this Act am for no other purposes:
Provided that the liabilities due to the Centre and State Governments an other bodies incorporate shall be the first charge upon ihe funds of 11,8 Region: Development Authority ,
The Authority may keep in current account with the State Bad<: ot lndi or any other Bank approved by the State Government in !his beha! ~ such su1 oi money out of its fund as may be prescribed by rules and any money in ei coss of the said sum shall be invested in such manner as may be approved l: the State Govemrnem .
The Stat Government may , after dun appropriation made by tho Sta1 Legislature by law in this behalf , make such grants, advances and loans to fr Authorty as the Government may deem necessary for the performance cf ·:-r functions of tho Authority under this Act; and all grants, loans and advance made sl 1all be on such terms and conditions as !he State Government me determine.