Section 77 in West Bengal Municipal Corporation Act, 2006
77. Investment of account of Sinking Fund.
(1)All moneys paid into a Sinking Fund shall, as soon as possible, be invested by the Corporation in-(a)Government securities, or(b)securities guaranteed by the Central Government or any State Government, or(c)debentures issued by the Corporation, or(d)debentures issued, if any, by a development authority, if any, within the jurisdiction of the Corporation, or(e)any public security approved by the State Government and held by the Corporation for the purpose of repaying from time to time the loans raised by it by the issue of debentures or otherwise.(2)All dividends and other sums received in respect of any such investment shall, as soon as possible, be paid into the appropriate Sinking Fund and invested in the manner provided in sub-section (1).(3)Moneys paid into two or more Sinking Funds may, at the discretion of the Corporation, be invested together as a common fund, and if shall not be necessary for the Corporation to allocate the securities held in such investment among the several Sinking Funds.(4)Any investment made under this section may, from time to time and subject to the provisions of sub-section (1), be varied or transposed.
