(1) All moneys at the credit of the Board Fund, except moneys required for day to day expenditure, shall be kept in the current or savings bank account with a Scheduled Bank;
Provided that nothing in this section shall be deemed to preclude the Board from investing any such moneys as are not required for immediate expenditure in any of the securities described in section 20 of the Indian Trust Act, 1882 (II of 1882 ) or from placing them in fixed deposit with. a Scheduled Bank or from investing them in any other manner approved by the State Government.
Explanation- In this sub-section, the expression 'Scheduled. Bank' means a Bank whose name is for the time being contained in the Second Schedule to the Reserve Bank of India Act, 1934 (II of 1934).
(2) Accounts of the Board with a Bank may be opera- ted upon by the Secretary of the Board or by such other officer as may be perscribed.