(13)Amount not required for expenditure during the year shall be invested by the Board -(a)in one or other of the following securities -(i)promissory notes, debentures, stocks or other securities of the Central Government;(ii)stock or debentures of, or shares in companies, the interest wherein shall have been guaranteed by the State Government or the Central Government;(iii)debentures or other securities for money issued by or on behalf of any Municipal body under the authority of any Act; or(b)in fixed deposits for a period not exceeding three years in -(i)a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934); or(ii)for the purchase or for the first mortgage of immovable property with the previous sanction of the Government.
