The Road Transport Corporations Act, 1950
27. Fund of the Corporation.
- Every Corporation shall have its own fund and
all receipts of the Corporation shall be carried thereto and all payments by
the Corporation shall be made there from.
- Except as otherwise directed by the State Government, all moneys belonging
to that fund shall be deposited in the Reserve
Bank of India or with the agents of the Reserve Bank of India, 4[or with the
corresponding new banks constituted under section 3 of the
Banking Companies (Acquisition and Transfer of Undertakings) Act,
1970, or section 3 of the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1980,] or invested in such securities as may be approved by
the State Government.
Back