Section 40. Nigam's funds

(1)- The Nigam shall have its own fund to be called the Nigam Fund, which shall be deemed to be a local fund and to which shall be credited all moneys received otherwise than by way of loans by or on behalf of the Nigam. (2)- The Nigam shall also have another fund to be called the Local Fund, which shall also be deemed to be a local fund and to which shall be credited all moneys received by or on behalf of the Nigam by way of loans. (3)- Without prejudice to the provisions of sub-sections (1) and (2), the Nigam may, with the previous approval of the State Government, constitute such other funds as may be necessary for the efficient performance of its functions under this Act.