(1)The primary education fund shall be kept in the Government treasury or in the bank in which the Government treasury business has been made over or in such other bank or co-operative society registered or deemed to have been registered under the Bombay Co-operative Societies Act, 1925 (Bombay VII of 1925), as may be approved by the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government.(2)It shall be lawful for the school board to invest such portion of the primary education fund as is not likely to be immediately required in post office cash certificates or in securities of the Central Government or any [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government.(3)Every investment in Government securities shall be made through the Reserve Bank of India or any other bank approved by the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government in this behalf.
