(1)Surplus moneys at the credit of said account may from time to time be -(a)[ deposited at interest in the State Bank of India or in any other scheduled commercial banks approved by Reserve Bank of India.] [Substituted 'deposited at interest in the State Bank of India or in any other Bank approved by the State Government in this behalf, or' by Act No. 23 of 2008, dated 18.9.2008.](b)invested in any of the securities or debentures mentioned in sub-section (1) of section 109 of this Act or in section 20 of the Indian Trusts Act, 1882.(2)[ All such deposits and investments, re-investments and withdrawals, shall be made by the Chief Executive Officer on behalf of the Board on the recommendations of an Investment Committee, to be constituted by the State Government for the purpose, comprising of following members:-(a)Chief Executive Officer-Chairperson;(b)Secretary of the Board-Member;(c)Financial Adviser and Chief Accounts Officer of the Board-Member:(d)Chief Engineer or the Board-Member:(e)Estate Officer of the Board-Member.]
