section 103
Investment of sinking funds.
The Trivandrum City Improvement Trust Act, 1960Civil1960160 sections7 chapters
Chapter V FINANCE
Statutory text
- (1) All money paid into any sinking fund shall as soon as possible be invested, under the orders of the Board, in—
- (a) Government securities, or
- (b) securities guaranteed by the Central or any State Govern. ment, or (¢) debentures issued by the Corporation, or .
- (d) debentures issued by the Board, in the joint names of the Secretary to the Government of Kerala in the Finance Department and the Member, Board of Revenue, in charge of Housing, to be held by them as trustees for the purpose of repaying from ume to time the debentures issued by the Board. . . (2) All dividents and other sums received in respect of any such investment shall, as soon as possible after receipt, be paid into the : appropriate sinking fund and invested 1n the manner prescribed by sub- section (1).
- (3) Any investment made under this section may, from time to time, subject to the provisions of sub-section (1), be varied or trans posed.
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