(1) All money transactions to which any member, officer or employee of a 17 Municipality in his official capacity is a party shall without any reservation be brought to account. All moneys received shall be remitted in a Government treasury or a nationalised bank account or, with prior permission of the Council, in a scheduled bank’s account to the credit of the Municipality.
(2) Municipal Commissioner or Chief Officer or any person authorised by the Council in this behalf, shall draw any money required for disbursement from the treasury or banks by cheques. No moneys received on behalf of the Municipality shall be utilised for its expenditure without first being brought into account and remitted into the treasury or banks.