The Constitution and disposal of such funds shall be effected in the manner prescribed by bye-laws.

Receipts and disposal of payments on account of the Municipal Fund.- All moneys payable to the credit of the Municipal Fund shall be received by the Commissioner and shall be forthwith deposited with the Municipal treasury. The Municipal Commissioner shall deposit with the Government Treasury or any Scheduled or Cooperative Bank in the state any surplus funds with the Municipal Treasury which may not be required for the correct charges.