Section 158 in The Orissa Municipal Corporation Act, 2003
158. Investment of surplus money.
(1)The surplus money standing at the credit of any of the accounts of Corporation Fund which can not, either immediately or at any early date, be applied for the purpose of this Act by the Corporation, may in accordance with such rules as may be made by the Government in this behalf, be transferred by the Corporation either in whole or in part to any other account of the Corporation Fund ;Provided that no such money shall be transferred permanently from any of the accounts to any other account without the previous approval of the Government :Provided further that, such surplus money standing at the credit of the Commercial Projects Account of the Corporation Fund shall not be transferred to the General Account of the Corporation Fund.(2)Surplus money which are not transferred under Sub-section (1) may be invested in Public securities or small savings schemes approved by the Government or deposited at interest with such Scheduled banks as may be determined by the Mayor, with the approval of Government.(3)Profit or loss, if any, arising from the investment as aforesaid shall be credited or debited, as the case may be, to the account to which such profit or loss relates.
