Section 31H in Maharashtra Public Trust Rules, 1951
31H. Investment of and disbursement and payment from Management Fund.
(1)All surplus moneys in excess of the amount required for payment of the amounts determined by the State Government on account of honorarium, fees and allowances of the chairman, treasurer and other members of the committee and on account of salaries and allowances and other sums payable to the Secretary, officers and servants of the committee and such additional amount as may, with the approval of the State Government, be necessary for the payment of charges for expenses incidental to the management of endowments and for other purposes of Chapter VIIA of the Act, shall be invested(i)in public securities,(ii)in fixed deposits in the State Bank of India and other Schedule Bank,(iii)in the purchase of immovable properties approved by the State Government , or in the construction of buildings on lands so purchased or otherwise acquired, subject to conditions specified in rules 31I and 31 J.(2)All moneys, until they are invested as aforesaid, shall be deposited with the State Bank of India in the joint names of two or more members of the committee.(3)The aforesaid account shall be operated jointly by any two or more members of the committee authorised in this behalf under the resolution of the committee.(4)The Secretary shall not at any time retain in his hands a cash balance of more than Rs. 500. Any excess above that sum shall forthwith be deposited in the Bank.
