Amendment status not verified — confirm the current text below against the official source.
Investment of same. - 4[(1) A committee may, with the previous sanction of the 5[Deputy Commissioner], invest any portion of its municipal fund in securities of 6[the Central Government], or invest it in such other securities or place it in such manner as the State Government may approve in this behalf, and vary such invest- ment or placement for others of like nature.] (2) The income resulting from 7[such] securities 8[or placements] and the proceed of the sale of the same shall be credited to the municipal fund. Section 56