State Act

THE ORISSA TOWN PLANNING & IMPROVEMENT TRUST ACT, 1956

97 - Investment of sinking fund :- (1) All money paid into any sinking fund shall as soon as possible be invested, under the order of the Planning authority, in - (a) Government securities; or (b) securities guaranteed by the Central or any State Government; or (c) debentures issued by the Planning authority; is the joint names of the Secretary to the Government of Orissa in the Finance Department and the Accountant-General of Orissa, to be held by them as trustees for the purpose of repaying from time to time the debentures issued by the Planning authority. (2) All dividends and other sums received in respect of any such investment shall as soon as possible after receipt, be paid into the appropriate sinking fund and invest in the manner provided in Sub-section (1). (3) Any investment made under this section may, from time to time, subject to the provisions of Sub-section (1), be varied or transposed.