Section 62(2) in West Bengal Municipal Corporation Act, 2006
(2)All moneys received on account of the Municipal Fund shall forthwith be paid in a Government Treasury or in the State Bank of India or in any other nationalised bank or in the State Co-operative Bank for credit to one or more accounts, and each such account shall be called the account of the Corporation to which the money belongs:Provided that the Corporation may, with prior approval of the State Government, invest money not required for immediate use, in securities 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.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.
