Investment of same

Investment of same. (1) A committee may, with the previous sanction of the Deputy Commissioner, invest any portion of its municipal fund in securities of the Central Government, or invest it in such other securities or place it in such manner as the State Government may approve in this behalf, and vary such investment or placement for others of like nature. (2) The income resulting from such securities or placements and the proceed of the sale of the same shall be credited to the municipal fund.