- All moneys received on account of the Municipal Fund shall be paid into a Government treasury or into any bank in the municipal area, and shall be credited to an account to be called the account of the Municipality to which they belong:Provided that the Chairman-in-Council may invest moneys not required for immediate use, either in Government securities or in any other form of security which may be approved by the State Government or in fixed deposit in the State Bank of India or in any nationalized bank or State Co-operative Bank, or in any other form as the State Government may direct.[Explanation -"State Co-operative Bank" shall mean the West Bengal State Co-operative Bank Limited, and shall include any Co-operative Bank affiliated to the West Bengal State Co-operative Bank Limited.] [Added by the West Bengal Act 13 of 1995, w.e.f. 5,9.1995,]
