Municipal Fund

Municipal Fund. —

1. (1) All moneys received by or on behalf of the Corporation by virtue of this Act, all proceeds of all taxes, tolls, cesses, fees and other charges levied under this Act, all rents and profits accruing from any property vested in or managed by the Corporation and all sums received by or on behalf of the Corporation by way of gift or otherwise shall be credited to a fund which shall be called the "Municipal Fund" of the Visakhapatnam Municipal Corporation.
2. (2) All moneys at the credit of the Municipal Fund shall be kept in the State Bank of India or such other scheduled bank or banks as may be approved by the Government and shall be applied for the purposes, and in the manner, specified in this Act.
3. (3) The Corporation may maintain its accounts in such form as may be prescribed.