116. Investment of surplus money. - (1) Surplus moneys at the credit of the said account may from time to time be -
(a)deposited at interest in the [Imperial Bank of India] or in any other Bank [* * * *] approved by the [State Government] in this behalf, or(b)invested in any of the securities or debentures mentioned in section' 101, sub-section (1), of this Act or in section 20 of the Indian Trusts Act, 1882.(2)All such deposits and investments shall be made by the Chairman on behalf of, and with the sanction of, the Board; and, with the like sanction, the Chairman may at any time withdraw any deposit so made, or dispose of any securities, and re-deposit or re-invest the money so withdrawn or the proceeds of the disposal of such securities.
