NYAYA SIGNAL
Uttar Pradesh · 1916 · Section 115
Section 115 — Custody and investment of municipal fund
UTTAR PRADESH MUNICIPALITIES ACT, 1916
[ 115. 1[(1) The municipal fund shall be kept in the Government treasury or sub-treasury or in the State Bank of India or, with the previous sanction of the State Government in the U. P. Co-operative Bank or in a Scheduled Bank. ]
(2) In places where there is no such treasury or sub-treasury or bank, the municipal fund may be kept with a banker, or person acting as a banker, who has given such security for the safe custody and repayment on demand of the fund so kept as the 2[State Government] may in each case think sufficient ;
(3) Provided that nothing in the foregoing provisions of this section shall be deemed to preclude a board from, with the previous sanction of the 2[State Government] investing in any of the securities described in section 20 of the Indian Trust Act, 1882] or placing on fixed deposit with a Presidency Bank any portion of its municipal fund which is not required for immediate expenditure.
(2) In places where there is no such treasury or sub-treasury or bank, the municipal fund may be kept with a banker, or person acting as a banker, who has given such security for the safe custody and repayment on demand of the fund so kept as the 2[State Government] may in each case think sufficient ;
(3) Provided that nothing in the foregoing provisions of this section shall be deemed to preclude a board from, with the previous sanction of the 2[State Government] investing in any of the securities described in section 20 of the Indian Trust Act, 1882] or placing on fixed deposit with a Presidency Bank any portion of its municipal fund which is not required for immediate expenditure.
Source notes
1. Subs. by sec. 53 of U. P. Act no. 27 of 1964.2. Subs. by A. O. 1950 for (Provl. Govt.), which had been Subs. by the A. O. 1937 for (L.G.).