Section 17 in The Gujarat Municipal Finance Board Act, 1979
17. Boards Fund.
(1)The Board shall have and maintain its own fund to which shall be credited all moneys received by or behalf of the Board, including grants, subventions and loans made by the State Government.(2)The Fund shall be applied subject to the provisions and for the purposes of this Act.(3)Except as otherwise directed by the State Government, all moneys forming part of the fund shall be deposited with the State Bank of India or any bank included in the Second Schedule to the Reserve Bank of India Act, 1934, or invested in such securities as may be approved by the State Government.
