Section 37 in Bye-Laws for the State Board of Religious Trusts
37.
All moneys received by the Board or trustees shall be deposited in the State Bank of India, and if there be no branch of the State Bank of India near the Head Office of the trust, then in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934, and approved by the President.Any such money, which is not required for immediate expenditure, shall be invested with previous sanction of the President.(a)in promissory notes or debentures or stock or other securities of the Central Government, or(b)in promissory notes, debentures, stock or other securities of State Government, or(c)in a Post Office Savings Bank, or(d)in fixed deposits for periods not exceeding three years in the State Bank of India or a Scheduled Bank as defined in the Reserve Bank of India Act, 1934.A trustee may withdraw money with the previous sanction of the Board.The President will operate all accounts in the State Bank of India or in any other Bank in which the accounts of the Board are kept.During his absence from Patna or if for any reason he is unable to perform his duties, the Superintendent and a member of the Board, who has been so authorised by the President, will jointly sign cheques for withdrawal of money.
