Section 75 : Constitution of Fund - The Real Estate (Regulation and Development) Act, 2016

 

What is Constitution of Fund under section 75 of The Real Estate (Regulation and Development Act, 2016). Constitution of Fund are defined under Section 75 of the Act. Provisions under Section 75 are:

 

 

Section 75 "Constitution of Fund" - The Real Estate (Regulation and Development Act, 2016)

(1) The appropriate Government shall constitute a fund to be called the 'Real Estate Regulatory Fund' and there shall be credited thereto,-

(a) all Government grants received by the Authority;

(b) the fees received under this Act;

(c) the interest accrued on the amounts referred to in clauses (a) to (b).

(2) The Fund shall be applied for meeting-

(a) the salaries and allowances payable to the Chairperson and other Members, the adjudicating officer and the administrative expenses including the salaries and allowances payable to be officers and other employees of the Authority and the Appellate Tribunal;

(b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.

(3) The Fund shall be administered by a committee of such Members of the Authority as may be determined by the Chairperson.

(4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying out the objects for which the Fund has been constituted.