Constitution and custody of Municipal Fund

Infrastructure1973347 sections3 chapters

Statutory text

(1) there shall be formed, for each Municipal Board a fund to be called the Municipal Fund.
(2) There shall be pleased to the credit of-
- (a) the balance, if any, standing at the credit of the Board at the commencement of this Act.
- (b) all sums received by, or on behalf of the Board under this Act or otherwise;
- (c) all sums received under any loan raised by the Board,
(3) The Municipal Fund shall be vested in the Board.
(4) Unless the State Government shall otherwise direct the Municipal Fund shall be paid into a government treasury or into any bank or branch thereof used as a Government treasury in or near the municipality and shall be credited to an account called the account of the Municipal Board to which it belongs. Provided that the Board may invest any money not required for immediate use either in Government securities or in any other form of security which may be approved of by State Government.

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