Amendment status not verified — confirm the current text below against the official source.
kpomiting or investing of Surplus Funds of a Council.-- (1) It nhall 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 nanction of the Government in any co-operative bank in the Union territory any surplus funds in its hands which m y not be required for current charge., 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. ( 2 ) All surplus funds over and above what may be required for current expenses, unlems deposited or invented as provided for in sub-section ( I ) , shall be deposited in the local Government treasury or such 'other place of security as may be approved by the Director.