Municipal Fund and its custody.

(1) There shall be constituted for each Municipality a fund to be called Municipal Fund to be held by the Municipality in trust for the purpose of this Act and all moneys realised under this Act and all moneys otherwise received by the Municipality shall be credited thereto. (2) All moneys received on account of the Municipal Fund shall be paid into a Government treasury or into any bank in the Municipal area, 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 moneys not required for immediate use, either in Government securities or in any other form of security which may be approved by the State Government or in fixed deposit in the State Co-operative Bank, or in any other form as the State Government may direct.