Custody of the Municipal Fund :- Unless the State Government otherwise

direct all sums received on account of the Municipal Fund shall be paid into a Government treasury, or into any bank or branch bank used as a Government treasury in or near to the municipality and shall be credited to an account to be called the account of the municipality to which they belong:

Provided that the municipality may invest any money not required for immediate use either in Government securities or in any other form of security which may be approved by the State Government.