Section 119B(6) in The Mumbai Municipal Corporation Act, 1888
(6)All such deposits and investments shall be made by the Commissioner on behalf of the Corporation, with the sanction of [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 27 of 1999, Section 51, (w.e.f. 23-4-1999).] and with the like sanction, the Commissioner may at any time withdraw any deposits so made or dispose of any securities and redeposit or reinvest the moneys so withdrawn or the proceeds of the disposal of the securities; but no order for making any such deposit or investment or withdrawal or disposal shall have any validity, unless the same be in writing signed by two persons in the manner specified is sub-section (1) of section 113 for signing cheques.
