Section 26
Bank accounts and application of revenue
of Housing Development Corporation Ordinance, 2002
State OrdinanceIn forceProvision 26 of 49
Section 26
—
(1)
The Corporation shall open and maintain an account or accounts with such bank or other financial institutions as the Board of
Directors thinks fit; and every such account shall be operated upon as far as practicable by cheque signed by such person or persons as may, from time to time, be authorized by the Board.
(2)
The moneys of the Corporation shall be applied only in payment of discharge of the expenses, obligations and liabilities of the
Corporation and in making any payment that the Corporation is authorized or required to make.