State Act

The Andhra Pradesh Khadi and Village Industries Board Act, 1958.

16. Funds of the Board - (1) The Board shall have its own fund and all receipts of the Board shall be credited thereto and all payments by the Board shall be made therefrom. The fund shall be operated by an officer or officers authorised by the Board, subject to the conditions prescribed. (2) The Board may accept grants, subventions, donations and gifts and borrow any amount from the State or the Central Government, or the 2[Commission] or a local authority 1[or a commercial bank or a co-operative financing society] or all or any of the purposes of this Act. (3) The previous sanction of the Government shall be obtained for receiving any loan or borrowing any amount under sub-section (2): Provided that the provisions of this sub-section shall not apply when the Board receives any loan or borrows any amount from the State Government or the 2[Commission]. (4) The sums borrowed from the Government (State or Central) or the 2[Commission] shall be a charge on the assets of the Board. (5) All moneys belonging to the fund of the Board shall be deposited in such Bank and Treasury or be invested in such securities as may be approved by the Government.