- [(1) A committee may, with the previous sanction of the [Deputy Commissioner] [Substituted by Punjab Act No. 3 of 1933.], invest any portion of its municipal fund in securities of [the Central Government] [Substituted for the words 'the Government of India' by the Government of India (Adaptation of Indian Laws) Order, 1937.], or invest it in such other securities or place it in such manner as the State Government may approve in this behalf, and vary such investment or placement for others of like nature.](2)The income resulting from [such] [Substituted for the words 'the' by Punjab Act No. 2 of 1923.] securities [or placements] [Inserted by Punjab Act No. 2 of 1923.] and the proceed of the sale of the same shall be credited to the municipal fund.
