Section 23(2) in The Gujarat Secondary and Higher Secondary Education Act, 1972
(2)The Fund shall be kept in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), in the Postal Savings Bank or in a Co-operative bank approved by the State Government under Section 35 of the Bombay Public Trusts Act, 1950 (XXIX of 1950) or at the discretion of the Board be invested in public securities authorised by the Indian Trusts Act, 1882 (II of 1882).
