Section 119B in The Mumbai Municipal Corporation Act, 1888
119B. Constitution of the Water and Sewage Fund.
(1)The Corporation shall establish and set apart a separate fund to be called 'the Water and Sewage Fund.'(2)All moneys received by or on behalf of the Corporation under clause (a) or (b) of section 140 or under sections 169 to 172 (both inclusive) or any other moneys received for the purposes of Chapters IX and X shall be credited to the Water and Sewage Fund.(3)All moneys payable to the credit of the said Fund shall be received by the Commissioner and forthwith paid by him into the Bank or Banks approved by [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 27 of 1999, Section 51, (w.e.f. 23-4-1999).] from time to time in this behalf to the credit of account, which shall be styled 'the Account of the Water and Sewage Fund':Provided that, the Commissioner may, subject to any general or special directions issued by the [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 27 of 1999, Section 51, (w.e.f. 23-4-1999).] retain such balance in cash as may be necessary for the purposes of Chapters IX and X.(4)The moneys from time to time credited to the said Fund shall be applied only in payment of all sums, charges and costs necessary for the purposes of carrying into effect the provisions of Chapters IX and X.(5)Surplus moneys at the credit of the said Fund, which cannot immediately or at an early date be applied as provided in the last preceding sub-section may, from time to time, be deposited by the Commissioner at interest in the Bank or Banks approved by [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 27 of 1999, Section 51, (w.e.f. 23-4-1999).] or be invested in public securities.(6)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 51, (w.e.f. 23-4-1999).] and with the like sanction, the Commissioner may at any time withdraw any deposits so made or dispose of any securities and redeposit or reinvest the moneys so withdrawn or the proceeds of the disposal of the securities; but no order for making any such deposit or investment or withdrawal or disposal shall have any validity, unless the same be in writing signed by two persons in the manner specified is sub-section (1) of section 113 for signing cheques.(7)The loss, if any, arising from any such deposit or investment shall be debited to the Water and Sewage Fund.]
