Section 18 in The Tamil Nadu Bhoodan Yagna Rules, 1959
18. Funds of the State Board.
(1)The moneys [remitted] [Substituted by G.O.Ms. No. 1940, RDLA, dated the 13th July 1961.] in the Fund shall be [received by Chairman of the State Board or such other member of the Board, or secretary of the Board as the Chairman may appoint in this behalf, and [deposited] [Substituted by G.O.Ms. No. 1940, RDLA, dated the 13th July 1961.] in(i)in a scheduled bank as defined in the Reserve Bank of India Act, 1934 (Central Act II of 1934), or(ii)the [Tamil Nadu] [Substitute by G.O.Ms. No. 602, RDLA, dated 6th March 1971.] State Co-operative Bank, Limited, or(iii)a Post Office Savings Bank.(2)[ All such deposits shall be made in the name of the State Board, [Chennai] [Substituted by G.O.Ms. No. 973, RDLA, dated the 4th July 1983.]. The Chairman of the State Board or any other person, appointed by him in this behalf, shall have power to withdraw such deposits or any part thereof and operate on the bank accounts.](3)No money shall be withdrawn from the bank unless it is required for immediate payment for the purposes of the Board.(4)Any Money which is not required for immediate expenditure [may] [Substituted by G.O.MS. No. 1940, RDLA, dated the 13th July 1961.] be invested.(a)in one or the other of the following securities, namely:-(i)Promissory notes, debentures, stocks or other securities of the Central Government.(ii)Promissory notes, debentures, stocks or other securities of any State Government.(iii)Stock or debentures of, or shares in companies, the interest wherein shall have been guaranteed by the Central or any State Government.(iv)Debentures of the [Tamil Nadu] [Substituted by G.O.Ms. No. 602, RDLA, dated 6th March 1971.] Co-operative Central Land Mortgage Bank, limited, so long as the interest thereon is guaranteed by the State Government.(v)Debentures or other securities for money issued by or on behalf of any municipal body under the authority of any Act of a State Legislature in India:-OR(b)in fixed deposits for periods not exceeding three years in-(i)a scheduled Bank as defined in the Reserve Bank of India Act 1934 (Central Act II of 1934), or(ii)the [Tamil Nadu] [Substituted by G.O.Ms. No. 602, RDLA, dated 6th March 1971.] State Co-operative Bank, Limited, or(c)in the purchase or in the first mortgage of immovable property with the previous sanctioning the government.(5)The investments under sub-rule (4) shall not be pledged, encashed or withdrawn without the prior sanction of the Government.
