Amendment status not verified — confirm the current text below against the official source.
(1) All moneys paid into a Sinking Fund shall as soon as possible be invested by the Corporation in— (a) Goverment securities, or (b) securities guaranteed by the Central or any State Government, or Investment of the amount of the Sinking Fund. 283 The Siliguri Municipal Corporation Act, 1990. [West Ben. Act (Part III.—Finance.--Chapter VII.—The Municipal Fund, Budget, Loans, Accounts and Audit.—Sections 68-70.) Application of the Sinking Funds. Statement of investments. Annual examination of Sinking Funds. (c) debentures issued by the Corporation, or (d) debentures issued, if any, by the Siliguri Development Authority, or (e) any public securities approved by the State Government and shall be held by the Corporation for the purpose of repaying from time to time the loans raised by it by the issue of debentures or otherwise. (2) All dividends and other sums received in respect .of any such investment shall, as soon as possible, be paid into the appropriate Sinking Fund and invested in the manner laid down in sub-section (1). (3) Moneys paid into two or more Sinking Funds may, at the discretion of the Corporation, be invested together as a common fund and it shall not be necessary for the Corporation to allocate the securities held in such investments among the several Sinking Funds. (4) Any investment made under this section may from time to time, subject to the provisions of sub-section (1), be varied or transposed.