Amendment status not verified — confirm the current text below against the official source.
59[(1)] Where the trust property consists of money and cannot be applied immediately or at any early date to the purposes of the public trust the trustee shall be bound 60[(notwithstanding any direction contained in the instrument of the trust) to deposit the money in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, in the Postal Savings Bank or in a Co- operative bank approved by the State Government for the purpose or to invest it in public securities]: Provided that such money may be invested in the first mortgage of immovable property situate in 61[any part of India] if the property is not leasehold for a term of years and the value of the property exceeds by one- half the mortgage money: Maintenance of accounts. Balancing and auditing of accounts. XXXVIII of 1949. Auditor's duty to prepare balance sheet and to report irregularities, etc. II of 1934. Investment of public trust money. 1950: Bom. XXIX] Bombay Public Trusts Act, 1950 21 of 53 Provided further that the Charity Commissioner may by general or special order permit the trustee of any public trust or classes of such trusts to invest the money in any other manner. 62[(2) Nothing in sub-section (1) shall effect any investment or deposit already made before the coming into force of the Bombay Public Trusts (Amendment) Act, 1954, in accordance with a direction contained in the instrument of the trust: Provided that any interest or dividend received or accruing from such investment or deposit on or after the coming into force of the said Act or any sum 63[so invested or deposited] on the maturity of the said investment of deposit shall be applied or invested in the manner prescribed in sub-section (1).]