Section 35 in Maharashtra Housing and Area Development Act, 1976
35. Deposit of money in fund and operation thereof.
(1)Except as otherwise directed by the State Government, all moneys forming part of the funds of the Authority shall be deposited in the Reserve Bank of India or in such Scheduled Bank or invested in such securities as may be approved by the State Government.Explanation. - For the purposes of this section, the Reserved Bank of India means the Reserve Bank of India at [Mumbai] [This word was substituted for the word 'Bombay' by Maharashtra 25 of 1996, Section 2, and Schedule para (3).] constituted under the Reserve Bank of India Act, 1934, and a Scheduled Bank means a Bank included in the Second Schedule to the said Act.(2)The fund of the Authority shall be operated upon by such officers as may be authorised by the Authority.
