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National Bank for Agriculture and Rural Development Act, 1981

44. Research and Development Fund.-

1.      The National Bank shall establish and maintain a Fund to be known as the Research and Development Fund, to which shall be credited-

a.      such sums of money as are transferable to this Fund in accordance with section 47;

b.     such sums of money as the Board may contribute every year to this Fund from out of its annual profits; and

c.      such gifts, grants, donations or benefactions which the National Bank may receive and which the Board may earmark for this purpose.

2.      The Research and Development Fund shall be expended on matters of importance to agriculture, agricultural operations and rural development, including the provision of training and research facilities and the making of loans or advances grants under clause (iii) of section 38.

National Bank for Agriculture and Rural Development Act, 1981 Back

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