Section 122(3) in The Mumbai Municipal Corporation Act, 1888
(3)All such deposits and investments shall be made by the Commissioner on behalf of the corporation, with the sanction of [the Standing Committee] [These words were substituted for the words the Mayor-in-Council by Maharashtra 27 of 1999, Section 52, (w.e.f. 23-4-1999).], and, with the like sanction, the Commissioner may at any time withdraw any deposit so made or dispose of any securities and re-deposit or reinvest the money so withdrawn, or the proceeds of the disposal of such securities; but no order for making any deposit or investment, withdrawal or disposal under this section shall have any validity unless the same be in writing, signed by [ [by two persons] [These words were substituted for the words 'the Commissioner and one member of the standing committee and municipal secretary' by Bombay 32 of 1935, Section 10.] in the manner specified in sub-section (1) of section 113, for signing of cheques].
