Section 115(3) in The U.P. Municipalities Act, 1916
(3)Provided that nothing in the foregoing provisions of this section shall be deemed to preclude a [Municipality] [Substituted by U.P. Act No. 12 of 1994.] from, with the previous sanction of the State Government, investing in any of the securities described in Section 20 of the Indian Trust Act, 1882, or placing on fixed deposit with a Presidency Bank and portion of its municipal fund which is not required for immediate expenditure.
