Section 60 in The Orissa Hindu Religious Endowments Rules, 1959
60. Custody and investment of the funds of the religious institutions.
(1)Subject to the provisions of any scheme should or deemed to have been settled for a religious institution, the money recovered on behalf of a religious institution shall be in the custody of the trustee of the said institution or such officer as the trustee may appoint in this behalf and shall be lodged in the name of the religious institutions represented by the said trustees or Executive Officer, as the case may be, and shall be operated by him in one of the following Banks :(a)The State Bank of India, or(b)The Orissa State Co-operative Bank, or(c)A Post Office Savings Bank, or(d)Such Central Co-operative Banks as have been approved by the Registrar, Co-operative Societies for the investment of funds or District Boards and Municipalities.(2)In case of security deposits the money shall be kept in the Post Office Savings Bank and pledged to the authority concerned.(3)The Commissioner may frame such detailed rules as may be necessary in respect of any religious institution regarding deposit of its balances and its withdrawal by the trustee or the Executive Officer, as the case may be.
