Section 23 of The Industrial Development Corporation Act, 1965

1. (1)The Corporation shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from out of

the general fund of the Corporation referred to in section 18 or from the reserve and

other funds referred to in section 22 as the case may be.

1. (2)Without prejudice to the generality of the power conferred by sub-section (1), the Corporation may contribute such sums as it thinks fit towards expenditure incurred

or to be incurred by any local authority or statutory public undertaking in the

performance, in relation to any of the statutory functions of such authority or undertaking, including expenditure incurred in the acquisition of land.