Section 147 in The Calcutta Municipal Corporation Act, 1980
147. Investment of the amount at the credit of a Sinking Fund. -
(1)All moneys credit to a Sinking Fund shall as soon as possible be invested by the Corporation in-(a)Government securities, or(b)securities guaranteed by the Central or any State Government, or(c)debentures issued by the Corporation, or(d)debentures issued by the Calcutta Metropolitan Development Authority, or(e)debentures issued by the Trustees for the Improvement of Calcutta, or(f)debentures issued by the Board of Trustees for the Port of Calcutta, or(g)such other public securities as may be approved by the State Government, and shall be held by the Corporation for the purpose of repaying, from time to time, the loans raised by it by the issue of debentures or otherwise.(2)All dividends and other sums received in respect of any such investment shall, as soon as possible, be credited to the appropriate Sinking Fund and invested in the manner laid down in sub-section (1).(3)Moneys standing at the credit of two or more Sinking Funds may, at the discretion of the Corporation, be invested together as a common fund, and it shall not be necessary for the Corporation to allocate the securities held in such investments among the several Sinking Funds.(4)Any investment made under this section may, from time to time, subject to the provisions of sub-section (1), be varied or transposed.
