Section 58(2) in THE UTTAR PRADESH AVAS EVAM VIKAS PARISHAD ADHINIYAM, 1965
(2)The Board's fund shall kept in the State Bank of India or, with the previous sanction of the State Government, in the U.P. Co-operative Bank or in scheduled bank:Provided that nothing in this sub-section shall be deemed to preclude the Board from retaining such balances in cash as may be necessary for current payments or from investing any portion of the fund not required for immediate expenditure in any of the securities described in Section 20 of the Indian Trusts Act, 1882(Act No. II of 1882).
