Amendment status not verified — confirm the current text below against the official source.
Commissioner to receive payments on accounts of the municipal fund and to lodge them in a bank.— All moneys payable to the credit of the municipal fund shall be received by the Commissioner and shall be forthwith paid 1[into the] 2[the State Bank of India, constituted under the State Bank of India Act, 1955 (XXCIII of 1955) or any corresponding new Bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)] to the credit of an account, which shall be styled the account of the municipal fund of 3[Brihan Mumbai]. 4[* * * * * *] 5[113. How the fund shall be drawn against.— (1) Subject to the provisions of section 520, no payment shall be made by the Bank aforesaid out of the municipal fund except on a cheque signed by two persons in the manner specified below, namely:— 6[(a) by the Commissioner, Additional Commissioner, the Director or a Deputy Commissioner 7[or, in the absence of all of them, by a municipal officer who is authorised by 8[Standing Committee], and (b) by the Municipal Chief Accountant, Additional Municipal Chief Accountant, Joint Municipal Chief Accountant or Deputy Accountant:] Provided that, any cheque for an amount not exceeding 9[one lakh rupees], if signed by the Chief Accountant or Deputy Accountant shall be sufficient authority for the payment of the amount thereof out of the fund by the said Bank. (2) Payment of any sum due by the Corporation in excess of one hundred rupees (or such higher amount as 10[Standing Committee] from time to time may fix generally or for any specified class of payments) shall be made by means of a cheque signed as aforesaid and not in any other way. (3) Payment not covered by sub-section (2) may be made by the Commissioner in cash or cheques for a sum not exceeding five thousand rupees each (or such higher amount as 11[Standing Committee] may from time to time fix) signed as aforesaid, being drawn from time to time to cover such payments.