(2)[ In places where there is no such treasury, sub-treasury or bank, the municipal fund may with the previous sanction of the [Deputy Commissioner] [Substituted by Punjab Act No. 3 of 1933.] be deposited with any banker, or person acting as a banker, and who has given such security for the safe custody and repayment on demand of the fund if deposited as the [Deputy Commissioner] [Substituted 'Commissioner' by Punjab Act No. 34 of 1953.] may in each case think sufficient].
