Section 18 in The Land Ports Authority of India Act, 2010
Title: Mode of executing contracts on behalf of Authority.
(1) Every contract on behalf of the Authority, shall be made by the Chairperson or such officer of the Authority as may be generally or specially empowered in this behalf by the Authority and such contracts as may be specified, in the regulations, shall be sealed with the common seal o f the Authority:
Provided that no contract exceeding such value or amount as the Central Government may, by order fix in this behalf, shall be made unless it has been previously approved by the Central Government:
Provided further that no contract for the acquisition or sale of immovable property or for the lease of any such property for a term exceeding thirty years and no other contract exceeding such value or amount as the Central Government may, by order fix in this behalf, shall be made unless it has been previously approved by the Central Government.
(2) Subject to the provisions of sub-section (1), the form and manner in which any contract shall be made under this Act shall be such as may be provided by regulations.
(3) Any contract which is not in accordance with the provisions of this Act and the rules and regulations made thereunder shall not be binding on the Authority.
Title: Power of Authority to charge fees, rent, etc.
The Authority may, determine and charge such fees or rent, not being a statutory levy under any other Act, as may be provided by regulations, separately for each integrated check post, —
(a) for the cargo handling, warehousing, parking of trucks or for any other service or facility offered in connection with transport operations;
(b) for the parking of passenger vehicles and other amenities given to the passengers and visitors; and ;
(c) for the availing of facilities and other services provided by the Authority.
Title: Additional capital and grant to Authority by Central Government.
The Central Government may, after the appropriation made by Parliament by law in this behalf, —
(a) provide any capital that may be required by the Authority for the discharge of its functions under this Act or for any purpose connected therewith on such terms and conditions as that Government may determine;
(b) pay to the Authority, on such terms and conditions as the Central Government may determine, by way of loans or grants such sums of money as that Government may consider necessary for the efficient discharge of its functions under this Act.
Title: Fund of Authority and its investment.
(1) The Authority shall establish its own fund and all receipts of the Authority shall be credited thereto and all payments by the Authority shall be made there from.
(2) The Authority shall have the power, subject to the provisions of this Act, to spend such sums as it thinks fit to cover all administrative expenses of the Authority or for purposes authorised by this Act and such sums sha ll be treated as expenditure out of the fund of the Authority.
(3) All moneys standing at the credit of the Authority which cannot immediately be applied as provided in sub-section (2), shall be —
(a) deposited in the State Bank of India or any such scheduled bank or banks or other public financial institutions subject to such conditions as may, from time to time, be specified by the Central Government;
(b) invested in the securities of the Central Government or in such manner as may be prescribed.
Explanation .— In this sub-section, "scheduled bank" has the same meaning as in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).
Title: Allocation of surplus funds
(1) The Authority may, from time to time, set apart such amounts as it thinks fit, as a reserve fund or funds for the purpose of expanding existing facilities or services or creating new facilities or services at any integrated check post or increase of expenditure from transient causes or for purposes of replacement or meeting expenditure arising from loss or damage due to any natural calamity or accident or meeting any liability arising out of any act of omission or commission in the discharge of its functions under this Act:
Provided that the Authority shall also have the power to establish specific reserves for specific purposes:
Provided further that the sums set apart annually in respect of each or any of the specific and general reserves and the aggregate at any time of such sums shall not exceed such limits as may, from time to time, be fixed in that behalf by the Central Government.
(2) After making provision for such reserve fund or funds and for bad and doubtful debts, depreciation in assets and all other matters which are usually provided for by companies registered and incorporated under the Companies Act, 1956 (1 of 1956), the Authority shall pay the balance of its annual net profits to the Central Government.