1. Where any property belonging to public trust consists of money and such money cannot be applied immediately or at any early date to the purposes of the said public trust, the working trustee thereof shall be bound, notwithstanding a direction to the contrary contained in the instrument of trust, if any, to deposit the money in a Scheduled bank as defined in the Reserve Bank of India Act, 1934 (Central Act 2 1934) or in a Postal saving Band or in a Co-operative Bank registered under the Rajasthan Co-operative Societies Act, 1953 (Rajasthan Act 4 of 1953) or to invest in public securities:
Provided that such money may be invested in the first mortgage of immovable property situated in India if the property is not lease-hold for a term of three years and the value of the property exceeds by one half the mortgage money:
Provided further that the Commissioner may, by general or special order, permit the working trustee of any public trust or class of such trusts to invest such money in any other manner.
2. Nothing in sub-section (1) shall affect any investment or deposit already made before the commencement of this Act in accordance with a direction contained in the instrument of trust.
Provided that any interest or dividend received or accruing from such investment or deposit on or after the commencement of this Act or any sum realized on the maturity of the said, investment or deposit shall be applied or invested in the manner prescribed in sub-section (1).