Section 23 in Andhra Pradesh Metropolitan Region and Urban Development Authorities Rules, 2018
23. Maintenance of Bank Accounts.
(1)The Funds of the Authority shall be kept in a Current Account with any Nationalized bank to be opened in the name of the Development Authority.(2)The accounts shall be operated upon either by the Metropolitan Commissioner/Vice Chairperson or any two whole-time paid officers of the Authority, who may be authorized by the Metropolitan Commissioner/Vice-Chairperson in this behalf from time to time.(3)Any sum of the money in the Fund of the Authority as it found surplus to the requirements, on a reasonable forecast over the sum referred to sub-rule (1) shall be invested by the Metropolitan Commissioner/Vice-Chairperson (or any officer of the Authority authorized by the Metropolitan Commissioner/Vice-Chairperson in this behalf) in accordance with the standard investment power of statutory bodies as defined under law.
