Amendment status not verified — confirm the current text below against the official source.
[(1) The municipal fund shall be kept in the Government treasury or sub- treasury or in the State Bank of India or with the previous sanction of the State Government, in the Uttar Pradesh Co-operative Bank or in a Scheduled Bank.]1 (2) In places where there is no such treasury or sub-treasury or bank, the municipal fund may be kept with a banker, or person acting as a banker who has given such security for the safe custody and re-payment on demand of the fund so kept as the State Government may in each case think sufficient : Provided that nothing in the foregoing provisions of this section shall be deemed to preclude a Municipality from, with the previous sanction of the State Government, investing in any of the securities described in section 20 of the Indian Trust Act, 1882 or placing on fixed deposit with a Presidency Bank and portion of its municipal fund which is not required for immediate expenditure. Property vested in Municipality