Section 29(2) in Tamil Nadu Private Colleges (Regulation) Act, 1976
(2)A private college may invest or deposit the funds-(a)in the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); or(b)in a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); or(c)in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or Post Office Savings Bank; or(d)in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882); or(e)in such other mode as may be prescribed.
