(1)Surplus money standing at the credit of any of the heads of accounts of the Municipal Fund which are not required, either immediately or at an early date, to be applied for the purposes of this Act by the Municipality, may, in accordance with such Regulations as may be made by the Municipality in this behalf, be transferred by the Municipality, either in whole or in part, to any other head of account of the Municipal Fund:Provided that no such money shall be transferred permanently from any of the heads of accounts to any other head of account without the previous approval of the Municipality:Provided further that such surplus money standing at the credit of the Commercial Projects Account of the Municipal Fund shall not be transferred to the General Account of the Municipal Fund.(2)Surplus money which are not transferred under sub-section (1) may be invested in public securities or small savings schemes, approved by the State Government, or deposited at interest with such Scheduled Bank as maybe determined by the Empowered Standing Committee.(3)Profit or loss, if any, arising from the investment as aforesaid shall be credited or debited, as the case may be, to the account to which such profit or loss relates.
