Amendment status not verified — confirm the current text below against the official source.
Constitution of the Water and Sewage Fund.— (1) The Corporation shall establish and set apart separate fund to be called the Water and Sewage Fund. (2) All moneys received by or on behalf of the Corporation under clause (a) or (b) of section 140 or under section 169 to 172 (both inclusive) or any other moneys received for the purposes of Chapters IX and X shall be credited to the Water and Sewage Fund. (3) All moneys payable to the credit of the said Fund shall be received by the Commissioner and forthwith paid by him into the Bank or Banks approved by the 2[Standing Committee] from time to time, in this behalf to the credit of account which shall be style the Account of the Water and Sewage Fund: Provided that, the Commissioner may, subject to any general or special directions issued by the 3[Standing Committee], retain such balance in cash as may be necessary for the purposes of Chapters IX and X. (4) The moneys from time to time credited to the said Fund shall be applied only in payment of all sums, charges and costs necessary for the purposes of carrying into effect the provisions of Chapters IX and X. (5) Surplus money at the credit of the said Fund, which cannot immediately or at an early date be applied as provided in the last preceding sub-section may, from time to time, be deposited by the Commissioner at interest in the Bank or Banks approved by the 4[Standing Committee] or be invested in public securities. (6) All such deposit and investments shall be made by the Commissioner on behalf of the Corporation with the sanction of the 5[Standing Committee], and with the like sanction, the Commissioner may at any time withdraw any deposits so made or dispose of any securities and redeposit or reinvest the moneys so withdrawn or the proceeds of the disposal of the securities ; but no order for making any such deposits or investment or withdrawal or disposal shall have any validity, unless the same be in writing signed by two persons in the manner specified in sub-section (1) of section 113 for signing cheques. (7) The loss, if any, arising from any such deposits or investment shall be debited to ‘the Water and Sewage Fund’]. 6[120. Constitution of Fine Fund.— Fines collected under 7[section 83] shall be credited to a separate fund to be called “the Fine Fund” the proceeds of which shall be expended in promoting the well-being of municipal officers and servants other than those appointed under the provisions of Chapter XVI-A of this Act, and for the payment of compassionate allowances to the widows of such officers and servants who die while in municipal service and to such other relation of the officers and servants as the corporation may from time to time determine.