Section 72 in The Bihar State Housing Board Act, 1982
72. Investment of sinking Fund.
- All moneys paid into any sinking Fund shall, as soon as possible, be invested by the Board in-(a)Government securities, or(b)securities guaranteed by the Central or State Government, or(c)debentures issued by any local authority, or(d)debentures issued by the Board; or(e)fixed deposit in the State Bank of India or in any Bank specified in column 2 of the first schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 (Act V of 1970) as amended from time to time in the name of the Housing Board to be held by it in trust for the repayment of the loan for which the sinking fund was established.(2)All dividends and other sums received in respect of any such investment shall as soon as possible after receipt, be paid into the sinking Fund and invested in the manner laid down in sub-section (1).(3)Any investment made under this Section may, from time to time, subject to the provision of sub-section (1) be varied or transposed.
