(1) All moneys paid into a Sinking Fund shall, as such as possible, be Investment

invested by the Empowered Standing Committee in — of amount at the credit of

1. (a) Government securities, or Sinking Fund.
2. (b) securities guaranteed by the Central Government or any State Government, or
3. (c) debentures issued by the Municipality, or
4. (d) such other public securities as may approved by the State Government,
5. (e) and such other securities as may be held byte Municipality for the purpose of repayment of loans from time to titre raised by it by issue of debentures or otherwise.

1. (2) All dividends and other sums received in respect of any investment under sub-section ( 1) shall, as soon as possible after their receipt, be paid into the Sinking Fund and shal1 be invested in the manner laid down in that sub-section.
2. (3) Moneys standing at the credit of two or more Sinking Funds may, at the discretion of the Empowered Standing Committee, be invested together as a common fund, and it shall not be necessary for the Empowered Standing Committee to allocate the securities held in such investments to the several Sinking funds.
3. (4) Subject to the provision of sub-section (1), any investment made under this section may, from time to time, be varied or transposed.