Section 29(4) in Karnataka Urban Water Supply and Drainage Board Act, 1973
(4)All moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited into the public accounts of the Government under such detailed head of accounts as may be prescribed or in,-(a)the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 12 of 1934); or(b)the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955); or(bb)[ any Scheduled Bank ; or] [Inserted by Act 20 of 1977 w.e.f. 29.7.1977.](c)any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 (Central Act 5 of 1970) and the said account shall be operated upon by such officers of the Board as may be authorized by the Board and in such manner as may be prescribed:Provided that the Board may invest any sums not required for immediate use in such securities or debentures as may be approved by the Government.
