State Act

The Kerala Water Supply and Sewerage Act, 1986

(22) Funds of Authority.— (1) The Authority shall have its own fund to be called the "Kerala Water Authority Fund" which shall be deemed to be a local fund and to which shall be credited all moneys received otherwise than by way of loans by or on behalf of the Authority. (2) The Authority shall also have another fund to be called the "Kerala Water Authority's Loan Fund" which shall also be deemed to be a local fund and to which shall be credited all moneys received by or on behalf of the Authority by way of loans. (3) Without prejudice to the provisions of sub-sections (1) and (2), the Authority may, with the previous approval of the Government, constitute such other funds as may be necessary for the efficient performance of its functions under this Act. (4) All moneys specified in the foregoing provisions and forming part of the funds of the Authority shall be deposited under such detailed Heads of Accounts as may be prescribed-- (a) into the Public Account of the Government; or (b) in the State Bank of India constituted under the State Bank of India Act,1955 (Central Act 23 of 1955); or (c) in a subsidiary Bank as defined in section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959); or (d) 1[In any Scheduled Bank as defined in the Reserve Bank of India, Act, 1934 (Central Act 2 of 1934) or in any Co-operative Bank] or Nationalized Bank coming within the scope of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980); And the said account shall be operated upon by such officers of the Authority as may be authorized by the Authority and in such manner as may be prescribed. Provided that the Authority may invest any sums not required for immediate use in such securities or debentures as may be approved by the Government.