Section 92 in The Gujarat Provincial Municipal Corporations Act, 1949
92. Investment of surplus moneys.
(1)Surplus moneys at the credit of the Municipal Fund which cannot immediately or at an early date be applied to the purposes of this Act or of any loan raised thereunder may be, from time to time, deposited at interest in the Imperial Bank of India [or any other scheduled bank] [These words were substituted for the words and figures 'or in any other bank selected by the Corporation with the sanction of the State Government for the purposes of section 83' by Bombay 10 of 1953, section 4.] [or an approved cooperative bank] [These words were inserted by Bombay 19 of 1954, section 5(1).] or be invested in public securities:[Provided that the amount of money to be deposited in an approved co-operative bank shall not exceed such amount as may be specified by the State Government generally or specially in respect of any approved co-operative bank.] [This proviso was inserted by Bombay 19 of 1954, section 5(2).](2)All such deposits and investments shall be made by the Commissioner on behalf of the Corporation with the sanction of the Standing Committee and, with the like sanction, the Commissioner may at any time withdraw any deposit so made or dispose of any securities and redeposit or reinvest the money so withdrawn or the proceeds of the disposal of such securities.(3)The loss, if any, arising from any such deposit or investment shall be debited to the Municipal Fund.Accounts
