- There shall be constituted for each Municipality a Municipal Fund to be called :(a)in the case of a Municipal Corporation, the municipal fund of the Municipal Corporation;(b)in the case of a Municipal Council, the municipal fund of the Municipal Council; and(c)in the case of Nagar Panchayat, the Municipal Fund of the Nagar Panchayat, to be held in a trust by the Municipal Corporation or the Municipal Council or the Nagar Panchayat as the case may be, for the purposes of this Act and all moneys realised or realisable under this Act and all moneys otherwise received by the Municipal Corporation or the Municipal Council or the Nagar Panchayat, as the case may be, shall be credited thereto.
