Section 54 in Tamil Nadu District Municipalities Act, 1920
54. All moneys received by the council shall be lodged in the nearest Government treasury or, with the sanction of the [State Government] [The words 'Provincial Government' were substituted for the words 'Local Government' by the Adaptation Order of 1937 and the word 'State' was substituted for 'Provincial' by the Adaptation Order of 1950], in a bank:
Provided that the municipal council may, with the sanction of the [State Government] [The words 'Provincial Government' were substituted for the words 'Local Government' by the Adaptation Order of 1937 and the word 'State' was substituted for 'Provincial' by the Adaptation Order of 1950], invest any sums not required for immediate use either in a Government savings bank or in Government securities, or in any other security which may be approved by the [State Government] [The words 'Provincial Government' were substituted for the words 'Local Government' by the Adaptation Order of 1937 and the word 'State' was substituted for 'Provincial' by the Adaptation Order of 1950].
