Section 55(3) in The Asansol Municipal Corporation Act, 1990.
(3)[] [Sub-section (3) substituted by W.B. Act 17 of 1995.] All moneys received on account of the Municipal Fund shall forthwith be paid into a Government Treasury or into the State Bank of India or any other nationalised bank or the State Co-operative Bank to the credit of one or more accounts, and each such account shall be called the account of the Corporation to which the money belongs:Provided that the Mayor-in-Council may invest money, not required for immediate use, either in Government securities or in any other form of security which may be approved by the State Government, or in fixed deposit in the State Bank of India or in any other nationalised bank or the State Co-operative Bank or in any other form as the State Government may direct.Explanation. - "State Co-operative Bank" shall mean the West Bengal State Co-operative Bank Limited, and shall include any Co-operative bank affiliated to the West Bengal State Co-operative Bank Limited.
