Amendment status not verified — confirm the current text below against the official source.
All moneys received by the Local Library Authority shall be deposited in the nearest Government treasury: Provided that the Local Library Authority may with the sanction of the Government of specified reasons, have a current Account with any of the local banks approved by Government or with any of the following banks namely: - (1) a branch of the Post Office Savings Bank; (2) [xxxx] (3) A central Co-operative Bank approved by the Registrar of Co-operative Societies, Madras, for the purpose. (4) The State Bank of India: Provided further that the Local Library Authority may invest any sum not required for immediate use in "fixed deposits" in any of the local banks approved by the Government or in any of the banks mentioned in items 1 to 4 of the preceding proviso or in Government Securities or with the sanction of the Government in any other security. Omitted by ibid.