Section 99(1) in The Maharashtra Municipal Councils, Nagar Panchayats And Industrial Townships Act, 1965
(1)It shall be lawful for a Council to deposit, with the State Bank of India or such other Bank as may hereafter be appointed to conduct the business of Government treasury or in any other scheduled bank or with the sanction of the State Government in any co-operative bank in the State of Maharashtra, [or to deposit with the State Government or with any statuary Corporation approved by the State Government] [These words were inserted by Maharashtra 7 of 1986, Section 6.] any surplus funds in its hands which may not be required for current charges, and to invest such funds in public securities in the name of the Council, and from time to time, to dispose of such securities as may be necessary.
