Custody and investment of Board Fund

(1) All moneys at the credit of the Board Fund, except moneys required for day-to-day expenditure, shall be kept in the current or savings bank account with a Scheduled Bank; Provided that nothing in this section shall be deemed to preclude the Board from investing such moneys as are not required for immediate expenditure in any of the Government securities. (2) Accounts of the Board with a bank may be operated upon by the Secretary of the Board or by such other officer as may be prescribed by the Board.