Amendment status not verified — confirm the current text below against the official source.
Special funds may be created with the approval of the Corporation.— With the 1[previous] approval of the corporation, any 2[* * *] portion of the municipal fund may, 3[* * *] from time to time, be credited to a separate heading in the municipal accounts, provided that there shall be credited and debited to such special heading such sums only as shall expressly relate to the objects for which a special fund is so created. Disposal of Balances 4[122. Investment of surplus money.— (1) Surplus moneys at the credit of the municipal fund which cannot immediately or at an early date be applied to the purposes of this Act or of any loan raised thereunder may be, from time to time, deposited at interest in 5[a Nationalised Bank] 6[or deposited with the State Government or with any statutory corporation approved by the State Government] or be invested in public securities 7[or in bonds or debentures of the Central Government, State Government, Government undertakings, Government Financial Institutions or Unit Trust of India.] (2) All such surplus moneys which it is necessary to keep readily available for application to such purposes and all such surplus moneys which cannot in the opinion of the Municipal Commissioner, concurred in by the 8[Standing Committee], be favourably deposited or invested as aforesaid, may be deposited at interest at any bank or banks in the city of Bombay which the 9[Standing Committee] may, subject to the control of the corporation, from time to time, select for the purpose. (3) All such deposits and investments shall be made by the Commissioner on behalf of the corporation, with the sanction of the 10[Standing Committee], and, with the like sanction, the Commissioner may at any time withdraw any deposit so made or dispose of any securities and re-deposit, or re-invest the money so withdrawn, or the proceeds of the disposal of such securities; but no order for making any deposit or investment, withdrawal or disposal under this section shall have any validity unless the same be in writing, signed 11[by two persons] in the manner specified in sub-section (1) of section 113, for signing of cheques. (4) The loss, if any, arising from any such deposit or investment shall be debited to the municipal fund.] Accounts