(1) TWfc shall be formed fW »irich Municipality a fi)n<i to bkJ coifed -thil Municipal Fintd, and there s,hall bo plnc&l to thtt cttttlt tfn*rtsdft —
(a) the proceeds of aJ] taxes, fines (other than the fines imposed by a cvixrt), penalties and fees levied under thw Regulation;
(b) all sums received by, or on behalf of, the Municipality ufldcj this Regulation;
(c) all sums transferred or carried to the credit of Qie Municipality under stfiy <af the provision's of thisi Regulation or any uthar U * few the tljtte being in ft*cof
(d) all rents and profits accruing frcvm property vesteU in the Muwr cirxifity or majnagedf by it; and Ce) all sums assigned to the Fund by tins AdhitnlstruUrt- ot by atiy trther authority and all suim contribiitod thea-lo by any committee, :nt dicritjy or private person 0?) The MU»lcipat Futod ihall vest irt Muuieipality and «i«> balance a* /(> istfulit î hall fee kept in the Slate tiank of India ur, with tliC predoui^ s^mction of the Administrator in any scheduled bank as defined In the Reserve Bank of India Act, 1934;
Providod that any portion of such balance may, with the previous sanction of the Amdinistrator be kept in the Post Office Savings Bank or be invested in such Government securities as may be approved by the Adrainis
Provided further that such sum, not exceeding an amount specified jn, this behalf by the Administrator as i,i required for day to day expense* of » Municipality may be kept by the Municipality at the Municipal office in safe ctisroduy.
( cituin sums may be curried lo credit tif Municipality.
70. The Central Government may, by notification declare that -'ill fines :ind any other suras recovered from persons convicted of offences commJttcvt within the municipal area against this Regulation or Bay rule or bye-1:
mad" thereunder, or against any other law for the time toeing in force, shatf bo cartied to the credit of the Municipality of tlhat are?j.
\pplicaiion of Vfunicip-il Funds.