Section 33 in Tamil Nadu Recognised Private Schools (Regulation) Act, 1973
33. Utilisation of funds and property of private school.
(1)All the moneys collected, grants received and other property held by or on behalf of a private school shall be utilised for the purposes for which they are intended, and shall be accounted for by the educational agency in such manner as may be prescribed.(2)[ A private school may invest or deposit its funds -(a)in the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955); or(b)in a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959); or(c)in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970) or Post Office Savings Bank; or(d)in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (Central Act II of 1882); or(e)in such mode as may be prescribed.]
