Investment of surplus moneys.

(1) Surplus moneys standing at the credit of any of the heads of accounts referred to in section 39, which are not required, either immediately or at any date in the near future, to be applied for the purposes of this Act by the Municipality, may, in accordance with such rules as may be made by the State Government in this behalf, be transferred by the Municipality, either in whole or in part, to any other head of account: Provided that no such money shall be transferred permanently from any head of account to any other head of account without the previous approval of the Municipality: Provided further that such surplus moneys standing at the credit of the Commercial Projects Account shall not be transferred to the General Administration Account. (2) Surplus moneys, which are not transferred under sub-section (1), may be invested in public securities or small savings schemes, approved by the Municipality, or deposited at interest with such nationalized bank as may be determined by the Executive Authority. (3) Profit or loss, if any, arising from the investment under sub-section (2) shall be credited or debited, as the case may be, to the account to which such profit or loss relates.