Section 115(2) in The U.P. Municipalities Act, 1916
(2)In places where there is no such treasury or sub-treasury or bank, the municipal fund may be kept with a banker, or person acting as a banker who has given such security for the safe custody and re-payment on demand of the fund so kept as the [State Government] [Substituted by ALO 1950.] may in each case think sufficient :
