Amendment status not verified — confirm the current text below against the official source.
Investment of amount at the credit of the Sinking Fund.- (1) All moneys paid into a Sinking Fund shall, as soon as possible, be invested by the City Corporation in accordance with the investment policy applicable to any public enterprise laid down by the Government (2) All sums received in respect of any investment under sub-section (1) shall, as soon as possible, after their receipt, be paid in to the Sinking Fund and shall be invested in the manner laid down in that sub-section. (3) Moneys standing at the credit of two or more Sinking Funds may, at the discretion of the Municipality, be invested together as a common fund, and it shall not be necessary for the City Corporation to allocate the securities held in such investments to the several Sinking Funds. (4) Subject to the provisions of sub-section (1), any investment made under this section may, from time to time, be varied or trans posed.