[ 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 footnotes
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.).
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More sections of this act
Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Declaration and definition of municipalities and cities.Section 3A · Municipality for every transitional area and smaller urban areaSection 3B · Constitution and composition of Ward CommitteeSection 4 · Procedure preliminary to issue notificationSection 5 · Effect of including area in Transitional area or smaller urban areaSection 5-A · Director of Local Bodies.India Code, Government of India. Text fetched 24 Oct 2026. Source metadata reports last modification: 2025-12-02. Check the linked official text and subsequent notifications when applying a provision.