Section 99 in The Maharashtra Municipal Councils, Nagar Panchayats And Industrial Townships Act, 1965
99. Power to deposit and invest surplus funds.
(1)It shall be lawful for a Council to deposit, with the State Bank of India or such other Bank as may hereafter be appointed to conduct the business of Government treasury or in any other scheduled bank or with the sanction of the State Government in any co-operative bank in the State of Maharashtra, [or to deposit with the State Government or with any statuary Corporation approved by the State Government] [These words were inserted by Maharashtra 7 of 1986, Section 6.] any surplus funds in its hands which may not be required for current charges, and to invest such funds in public securities in the name of the Council, and from time to time, to dispose of such securities as may be necessary.(2)All surplus funds over and above what may be required for current expenses, unless deposited or invested as provided for in sub-section (1), shall be deposited in the local Government treasury or such other place of security as may be approved by the Collector.
