- Any surplus which remains after providing, so far as the Court deems fit for the objects mentioned in section 32, shall be applied in the purchase of other landed properly, or invested at interest on the security of -(a)promissory notes, debentures, stock and other securities of the [Central Government] [Substituted for the words 'Government of India' by the Adaptation Order of 1937.];(b)[ bonds, debentures and annuities charged by the Parliament of the United Kingdom before the 15th day of August 1947, on the revenues of India or of the Governor-General in Council or of any Province;] [Substituted by the Adaptation (Amendment) Order of 1950 for the original clause as amended by the Adaptation Order of 1937.](c)stock, or debentures of, or shares in, railways or other companies, the interest where on has been guaranteed by the Secretary of State for India in Council;(d)debentures, or other securities for money, issued by or on behalf of, any local authority under the authority of [any Central Act] [Substituted for the words 'any Act of a Legislature, established in British India' by the Adaptation (Amendment) Order of 1950.], any Provincial Act as defined in clause (46) of section 3 of the General Clauses Act, 1897, or [(any State Act)] [Substituted for the words and letters 'any Act of the Legislature of a Part A State or a Part C State' by section 4 of, and the Third Schedule to, the Madras Repealing and Amending Act, 1957 (Madras Act XXV of 1957).];(e)such other securities, stock, or shares guaranteed by the [Central Government] [Substituted for the words 'Government of India' by the Adaptation Order of 1937.] or the [State Government] [The words 'Provincial Government' were substituted for the words 'Local Government' by the Adaptation Order of 1937 and the word 'State' was substituted for 'Provincial' by the Adaptation Order of 1950.] as the Court shall deem fit; or(f)first mortgages of immovable property situate in [India] [The words and letters 'a Part A State or a Part C State', were substituted for the words 'British India', by the-Adaptation (Amendment) Order of 1950, and the word 'India' was substituted for these words by section 4 of, and the Third Schedule to, the Madras Repealing and Amending Act, 1957 (Madras Act XXV of 1957).] provided that the property is not a leasehold for a term of years and that the value of the property exceeds by one-third or if consisting of buildings, exceeds by one-half, the mortgage money.
