State Act

The Mumbai Municipal Corporation Act.

460JJ. Investment of surplus moneys.— (1) Surplus moneys at the credit of the 4[Brihan Mumbai Electric Supply and Transport Fund] which cannot immediately or at an early date, be applied to the purposes of this Act or of any loan raised for the purposes of the 5[Brihan Mumbai Electric Supply and Transport Undertaking] may be, from time to time deposited at interest in the 6[State Bank of India] or such other bank as may have been approved by the corporation under section 460AA or be invested in public securities. (2) All surplus moneys which it is necessary to keep readily available for application to such purposes, and all surplus moneys which cannot in the opinion of the General Manager, concurred in by 7[the Brihan Mumbai Electric Supply and Transport Committee], be favourably deposited or invested as aforesaid, may be deposited at interest at any bank or banks in the city which the 8[Brihan Mumbai Electric Supply and Transport 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 General Manager on behalf of the corporation, with the sanction of 9[the Brihan Mumbai Electric Supply and Transport Committee] and with the like sanction, the General Manager may at any time withdraw any deposit so made or dispose of any securities and redeposit or re-invest the money so withdrawn or the proceeds of the disposal of such securities; but no order for making any deposit or investment, withdrawal or disposal under this section shall have any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 by three persons in the manner specified in sub-section (1) of section 460BB for signing of cheques. (4) The loss, if any, arising from, any such deposit or investment shall be debited to the 10[Brihan Mumbai Electric Supply and Transport Fund].