Section 22

State OrdinanceIn forceProvision 22 of 49

Section 22

—

(1)

There shall be established, for the purposes of this

Ordinance, a Fund for the Corporation to be known as “the Housing

Development Fund” to be managed, administered and controlled by the Board of Directors.

(2)

The Fund of the Corporation shall consist of—

(a)

all moneys received by the Corporation in the discharge of its functions and responsibilities;

(b)

money transferred from the Housing and Development

Fund established under section 46 of the repealed Ordinance and any bank account of the Commission;

(c)

all moneys received by the Corporation by way of grants from the Government;

(d)

all moneys derived from the disposal, lease or hire of, or any other dealing with, any property vested in or acquired by the Corporation;

(e)

all moneys derived as income from investment by the

Corporation;

(f)

all moneys borrowed by the Corporation under this

Ordinance; and

(g)

all other moneys lawfully received by the Corporation.