Deposit of primary education fund

(1) The primary education fund shall be kept in the Government treasury or in the bank to which the Government treasury business has been made over or in such other bank or co-operative society registered or deemed to have been registered under the Bombay Co-operative Societies Act, 1925, as may be approved by the State Government. (2) It shall be lawful for the school board to invest such portion of the primary education fund as is not likely to be immediately required in post office cash certificate or in securities of the Central Government or any State Government. (3) Every investment in Government securities shall be made through the Reserve Bank of India or any other bank approved by the State Government in this behalf.