Amendment status not verified — confirm the current text below against the official source.
Depositing or investing of Surplus Funds of a Council.— (1) It shall be lawful for a Council to deposit with the State Bank of India or such other Bank as may hereafter be appointed to conduct the business of Government treasury or in any other scheduled bank or with the sanction of the Government in any co-operative bank in the 317[State of Goa] any surplus funds in its hands which may not be required for current charges, and to invest such funds in public securities in the name of the Council, and from time to time, to dispose of such securities as may be necessary. 337 317 Substituted by the Amendment Act 13 of 1994. Manual of Goa Laws (Vol. III) – 338 – Municipality Act (2) All surplus funds over and above what may be required for current expenses, unless deposited or invested as provided for in sub-section (1), shall be deposited in the local Government treasury or such other place of security as may be approved by the Director.