Section 117 in Gauhati Municipal Corporation Act, 1971
117. Investment of Surplus money.
(1)Surplus moneys at the credit or the Municipal Fund which cannot immediately on at an early date be applied to the purposes of this Act or of any loan raised thereunder may be, from time to time, deposited at the State Bank of India or any other Scheduled Bank of any other Bank which may be approved by the State Government or be invested in public securities.(2)All such deposits and investment shall be made by the Commissioner on behalf of the Corporation with sanction of the Standing Committee and, with the like sanction, the Commissioner may at any time withdraw any deposit so made or dispose of any securities and redeposit or reinvest the money so withdrawn or the proceeds of the disposal of such securities.(3)The loss, if any, arising from any such deposit or investment shall be debited to the Municipal Fund.
