Amendment status not verified — confirm the current text below against the official source.
Investment of sinking Fund.-All moneys paid into any sinking fund shall as soon as possible , be invested by the Board in- (a) Government securities, or (b)Securities guaranteed by the Central or State Government, or (c)debentures issued by any local authority, or (d)debentures issued by the Board; or (e)fixed deposit in the State Bank of India or any Bank specified in column 2 of the first schedule to the Banking companies(Aquisition and Transfer of undertaking)Act, 1970(Act V of 1970) as amended from time to time in the name of the Housing Board to be held by it in trust for the repayment of the loan for which the sinking fund was established. (2) All dividends and other sum received in respect of any such investment shall as soon as section(1). Page-39 (3) Any investment made under this section may , from time to time, subjects to the provision of sub-section(1) be varied or transposed.