(1)All money paid into any sinking fund shall as soon as possible he invested, under the orders of the Board, in-(a)Government securities, or(b)securities guaranteed by the Central or any State Government, or(c)Calcutta Municipal debentures, or(d)debentures issued by the Commissioners for the Port of Calcutta, or(e)(i)debentures issued by the Board of Trustees for the improvement of Calcutta, or(ii)debentures issued by the Board,in the joint names of the Secretary to the Government of West Bengal in the Finance Department and the Accountant-General, West Bengal, to be held by them as trustees for the purpose of repaying, from time to time, the debentures issued by the Board of Trustees for the improvement of Calcutta or by the Board of Trustees for the improvement of Howrah, as the case may be.(2)All dividends and other sums received in respect of any such investment shall, as soon as possible after receipt, be paid into the appropriate sinking fund and invested in the manner prescribed by sub-section (1).(3)Any investment made under this section may, from time to time, subject to the provisions of sub-section (1), be varied or transposed.
