Section 130 in The Calcutta Municipal Corporation Act, 1980
130. Investment of surplus moneys. -
(1)Surplus moneys standing at the credit of any of the accounts of the Municipal Fund which cannot, either immediately or at any early date, be applied for the purposes of this Act by the Corporation may, in accordance with such rules as may be made by the State Government in this behalf, be transferred by the Corporation either in whole or in part to any other account of the Municipal Fund :Provided that no such money shall be transferred permanently from any of the accounts to any other account without the previous approval of the State Government :Provided further that such surplus moneys standing at the credit of the Commercial Projects Account of the Municipal Fund shall not be transferred to the General Account of the Municipal Fund.(2)Surplus moneys which are not transferred under sub-section (1) may be invested in public securities or small savings schemes approved by the State Government or deposited at interest with such scheduled bank as may be determined by the Mayor-in-Council.(3)Profit or loss, if any, arising from the investment as aforesaid shall be credited or debited, as the case may be, to the account to which such profit or loss relates.
