Karnataka Contingency Fund Act, 1957
(Act No. 11 of 1957)
Last Updated 26th November, 2019 [Kar173]
LEGISLATIVE HISTORY 6
|(As amended by Act 3 of 1958, 15 of 1961, 20 of 1965, 1 of 1973, 62 of 1976, 2 of 1981, 21 of 1984 and 31 of 1985.)|
Object & Reasons6
|Statement of Objects and Reasons - (Act 11 of 1957.) - Mysore Act No. XXI of 1950, provided for the constitution of a Contingency Fund consisting of a sum of Rs. 30 lakhs for the former State of Mysore. In view of the formation of the new State of Mysore, it is necessary to constitute a new Contingency Fund with an amount of rupees one crore.
Hence this Bill.
(Published in Karnataka Gazette (Extraordinary) Part IV-2A dated 16th March 1957 as No. 60 at page.2)
Statement of Objects and Reasons - (Amending Act 3 of 1958.) - Not available
Statement of Objects and Reasons - (Amending Act 15 of 1961.) - Not available
Statement of Objects and Reasons - (Amending Act 20 of 1965.) - According to section 2 of the Mysore Contingency Fund Act, 1957, a sum of rupees two crores can be paid from and out of the Consolidated Fund of the State to the Contingency Fund. As this sum is found insufficient for making emergent payments like food operations or schemes for which additional assistance is sanctioned by the Government of India after the Budget is passed by the Legislature or other inevitable payments it is considered necessary to raise the amount to be paid into the Contingency Fund from two crores of rupees to four crores of rupees. In other neighbouring States the corpus of contingency fund has been fixed as under.-