- [(1)] [Section 35 was re-numbered as sub-section (1) by Bombay 59 of 1954, Section 3.] Where the trust property consists of money and cannot be applied immediately or at any early date to the purposes of the public trust, the trustee shall be bound [(notwithstanding any direction contained in the instrument of the trust)] [This portion was substituted for the original, by Bombay 59 of 1954, Section 3(1).] to deposit the money in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), in the Postal Savings Bank or in a Cooperative Bank approved by the State Government for the purpose or to invest it in public securities]:Provided that such money may be invested in the first mortgage of immovable property situate in [any part of India] [Substituted by the Bombay Public Trusts (Corporations) Order, 1959.] if the property is not leasehold for a term of years and the value of the property exceeds by one-half the mortgage money:Provided further that the Charity Commissioner may by general or special order permit the trustee of any public trust or classes of such trusts to invest the money in any other manner.(2)[ Nothing in sub-section (1) shall affect any investment or deposit already made before the coming into force of the Bombay Public Trusts (Amendment) Act, 1954 (Bombay LIX of 1954), in accordance with a direction contained in the instrument of the trust:Provided that any interest or dividend received or accruing from such investment or deposit on or after the coming into force of the said Act or any sum [so invested or deposited] [This sub-section was inserted by Bombay 59. of 1954, Section 3(2).] on the maturity of the said investment or deposit shall be applied or invested in the manner prescribed in sub-section (1)].
