(2)All moneys paid into the sinking funds shall, as soon as possible, be invested by the Secretary in-(a)securities of the Central or the State Government; or(b)securities guaranteed by the Central or the State Government; and shall be invested in the joint names of the Secretary to the Government of Kerala Finance Department and the Secretary to the Government of Kerala in charge of Municipal Administration to be held by them as trustees for the purpose of repaying at due date the debentures issued by the Municipality. Every such investment shall be reported by the Secretary to the Council within fifteen days.
