Section 358 in The Gujarat Provincial Municipal Corporations Act, 1949
358. Investment of surplus moneys.
(1)Surplus moneys at the credit of the Transport Fund which cannot immediately or at any early date be applied to the purposes of this Act or of any loan raised for the purposes of the Transport Undertaking may be, from time to time, deposited at interest in the Imperial Bank of India [or any other scheduled bank] [These words substituted for the words and figures, `or such other bank as the Corporation may with due sanction have selected under section 83' by Bombay 10 of 1953, section 6.] [or an approved co-operative bank] [These words were inserted by Bombay 19 of 1954, section 7(1).] [or be invested in public securities] [These words were added by Bombay 57 of 1953, section 2.];[Provided that the amount of money to be deposited in an [approved co-operative bank] [These proviso was added by Bombay 19 of 1954, section 7(2).] shall not exceed such amount as may be specified by the State Government generally or specially in respect of any approved co-operative bank.](2)All such deposits and investments shall be made by the Transport Manager on behalf of the Corporation, with the sanction of the Transport Committee, and with the like sanction, the Transport Manager may at any time withdraw any deposit so made or dispose or any securities and re-deposit or re-invest the money so withdrawn or the proceeds of the disposal of such securities. .(3)The loss, if any, arising from any such deposit or investment shall be debited to the Transport Fund.Payments out of Surplus Balance
