Amendment status not verified — confirm the current text below against the official source.
Custody of municipal fund. - 5[(1) All moneys payable to the credit of the municipal fund shall be received by a municipal employee authorised by the commit- tee in this behalf and shall be forthwith paid into the State Bank of India, in a Treasury of the Government, in a Nationalised Bank or in any other Bank approved by the Government in this behalf. Explanation. - For the purposes of this section Nationalised Bank means a Bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.] 42 The Punjab Municipal Act, 1911, Section 53