Section 83 in The City of Nagpur Corporation Act, 1948
83. Investment of surplus money. - Surplus moneys at the credit of the municipal fund, which cannot immediately or at an early date be applied to the purposes of this Act or of any loan raised thereunder, may from time to time be deposited in [the Imperial Bank of India at Nagpur] or in any other bank or Co-operative Society approved by the State Government [or deposited with the State Government or with any statutory Corporation approved by the State Government] or may be invested in such public securities as the State Government may prescribe in this behalf.
