State Act

The Greater Hyderabad Municipal Corporation Act, 1955.

178. (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 241[State Bank of Hyderabad] or be invested in public securities. (2) All such moneys which are required to be kept readily available for application to purposes of this Act and all such surplus moneys which cannot in the opinion of the Commissioner and the Standing Committee be deposited or invested in the manner specified under sub-section (1) may be deposited at such bank or banks in the City which the Corporation may, subject to the approval of the Government, from time to time select for the purpose. (3) 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may at any time withdraw any deposit so made or dispose of any securities and redeposit or reinvest the money so withdrawn or the proceeds of the disposal of such securities; but no order for making any deposit or investment, withdrawal or disposal under this section shall have any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 two persons in the manner specified in sub-section (1) of section 171 for signing of cheques. (4) The loss, if any, arising from any such deposit or investment shall be debited to the Municipal Fund.