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This entry was published on 2014-09-22
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Trust funds
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 21. Trust funds. All moneys received pursuant to the authority of
this act, whether as proceeds from the sale of bonds or notes or as
revenues, receipts or income, shall be deemed to be trust funds to be
held and applied solely as provided in the proceedings under which such
bonds or notes are authorized. Any officer with whom or any bank or
trust company with which such moneys shall be deposited as trustee
thereof shall hold and apply the same for the purposes thereof, subject
to such provisions as this act and the proceedings authorizing the bonds
or notes of any issue or the trust agreement securing such bonds or
notes may provide.