(3)The University Fund shall be kept in any scheduled bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), [or in a co-operative bank approved by the State Government for the purpose or invested] [These words were substituted for the words 'or invested' by Bombay 30 of 1954, section 20.] in securities authorized by the Indian Trusts Act, 1882 (II of 1882), at the discretion of the [Executive Council] [This word was substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).].
