State Act

The Maharashtra Municipal Corporations Act

92. Investment of surplus money.— (1) Surplus moneys at the credit of the Municipal Fund which cannot immediately or at an early date be applied to the purposes of this Act or of any loan raised thereunder may be, from time to time, deposited at interest in the Imperial Bank of India 1[or any other scheduled bank] 2[or an approved co-operative bank] 3[or deposited with the State Government or with any statutory corporation approved by the State Government] or be invested in public securities 4[or in bonds or debentures of the Central Government, State Government, Government undertakings, Government Financial Institutions or Unit Trust of India] : 5[Provided that the amount of money to be deposited in an approved co-operative bank shall not exceed such amount as may be specified by the State Government generally or specially in respect of any approved co-operative bank. (2) All such deposits and investments shall be made by the Commissioner on behalf of the Corporation with the sanction of the Standing Committee and, with the like sanction, the Commissioner may at any time withdraw any deposit so made or dispose of any securities and redeposit or reinvest the money so withdrawn or the proceeds of the disposal of such securities. (3) The loss, if any arising from any such deposit or investment shall be debited to the Municipal Fund.