(1) In places where there is a Government treasury or sub-treasury, or a bank to which the Government treasury business has been made over, all moneys at the credit of the trust shall be kept in such treasury, sub-treasury or bank.
[Provided that for the purpose of raising loan for its development scheme a trust may keep the moneys at its credit in such other bank as may be approved by the State Government in this behalf.]3
(2) In places where there is no such treasury or sub-treasury or bank, such moneys may be kept with a banker or person acting as a banker, who has given such security for the safe custody and repayment on demand of the sum so kept as the State Government may in each case deem sufficient.
(3) Provided that nothing in the following provisions of this section shall be deemed to preclude a trust from, with the previous sanction of the 4[State] Government investing any such moneys which are not required for immediate expenditure in any of the securities described in section 20 of the Indian Trust Act, 1882 [2 of 1882], or placing them in fixed deposit with a bank approved by the State Government.
The Punjab Town Improvement Act, 1922 Section 67 37
1. Substituted by Punjab Act No. 4 of 1976.
2. Substituted for the word "Provincial" by the Adaptation of Laws Order, 1950.
3. Proviso added by Punjab Act No. 7 of 1974.
4. Substituted for the word "Provincial" by the Adaptation of Laws Order, 1950.
Section 69-A [69-A. Application of trust funds. - The trust funds shall be applicable to the payment of such expenditure as may be declared by the Improvement Trust, with the sanction of the State Government, to be an appropriate charge on the trust funds].1 Section 70