Section 122(2) in The Mumbai Municipal Corporation Act, 1888
(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.
