Amendment status not verified — confirm the current text below against the official source.
(1 )The management,’control and admi- ment of nistration of every public institution maintained out of the Municipal Fund shall vest in the Corporation. (2) When any public institution has been placed under the direction, management and control of the Corporation, all property, endowments and funds belonging thereto shall be held by the Corporation in trust for the purposes to which such property, endowments and funds were lawfully applicable, at the time when the institution was so placed: Provided that the extent of the independent authority of the Corporation in respect of any such institution may be prescribed by the Government: Provided also that nothing in this section shall be held to prevent the vesting^ of any trust property in the Treasurer of Charitable Endowments under the VI of IS90 Charitable Endowments Act, 1890. PART HI CHAPTER VII FINANCE The Municipal Fund Municipal HO' Save as otherwise provided in this Act, the Fund balance at the credit of the Gauhati Municipal Board or any other local authority in the city immediately before the establishment of the Corporation and all moneys realised or realisable under this Act and all moneys otherwise received by the Corporation shall be credited to a fund which shall be called "the Munici pal Fund” and which shall be held by the Corporation in trust for the purpose of this Act. Receipt of moneys payable to the credit of the moneys and Municipal Fund shall be forthwith paid into the deposit in State Bank of India to the credit of an account which Bank. shall be styled “the account of the Municipal Fund of the Corporation of Gauhati” . Application H2. (1) The moneys from time to time credited of Munici- to the Municipal Fund shall be applied in payment of pal Fund a jj s u mSj charges and costs, necessary for canying out the purpose of this Act, or the payment of which is duly directed or sanctioned by or under any of the provisions of this Act. (2) Such moneys shall likewise be applied in pay ■ ment of all sums payable out of this Municipal Fund under any other enactment for the time being in force. »7 •* US- (1 )No payment shall be made by the State fid Fund ®a n k o f I n d i a o u t t h e Municipal Fund except upon a cheque signed by the Commissioner. (2) Except in the case of salaries upto three hundred rupees, which may be paid in cash, payment of any sum due by the Corporation exceeding one hundred rupees in amount shall be by means of a cheque signed as provided in sub-section (1) and not in any other way. (3) Payment of any sum due by the Corporation not exceeding one hundred rupees in amount may be made in cash. RestrictUa