Section 122 in The Mumbai Municipal Corporation Act, 1888
122. [ Investment of surplus money. [This section was substituted for the original section 122 by Bombay 1 of 1894, Section 5.]
(1)Surplus moneys at the credit of the municipal fund which cannot immediately or at an early date be applied to the purposes of this Act or of any loan raised thereunder may be, from time to time, deposited at interest in [a Nationalised Bank] [or deposited with the State Government or with any statutory corporation approved by the State Government] [This portion was added by Maharashtra 7 of 1986, Section 2.] or be invested in public securities [or in bonds or debentures of the Central Government, State Government, Government Undertakings, Government Financial Institutions or Unit Trust of India.] [These words were added by the Maharashtra 32 of 2011, Section 13 (w.e.f. 1-5-2011).](2)All such surplus moneys which it is necessary to keep readily available for application to such purposes, and all such surplus moneys which cannot in the opinion of the Municipal Commissioner, concurred in by [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 27 of 1999, Section 52, (w.e.f. 23-4-1999).], be favourably deposited or invested as aforesaid, may be deposited at interest at any bank or banks in the City of Bombay which [the Standing Committee] [These words were substituted for the words the Mayor-in-Council by Maharashtra 27 of 1999, Section 52, (w.e.f. 23-4-1999).] may, subject to the control of the corporation, from time to time, select for the purpose.(3)All such deposits and investments shall be made by the Commissioner on behalf of the corporation, with the sanction of [the Standing Committee] [These words were substituted for the words the Mayor-in-Council by Maharashtra 27 of 1999, Section 52, (w.e.f. 23-4-1999).], and, with the like sanction, the Commissioner may at any time withdraw any deposit so made or dispose of any securities and re-deposit or reinvest the money so withdrawn, or the proceeds of the disposal of such securities; but no order for making any deposit or investment, withdrawal or disposal under this section shall have any validity unless the same be in writing, signed by [ [by two persons] [These words were substituted for the words 'the Commissioner and one member of the standing committee and municipal secretary' by Bombay 32 of 1935, Section 10.] in the manner specified in sub-section (1) of section 113, for signing of cheques].(4)The loss, if any, arising from any such deposit or investment shall be debited to the municipal fund.]Accounts
