PM Act 54Chapter IV · Municipal Fund and Property

Section 54 · Custody of municipal fund

- [(1) All moneys payable to the credit of the municipal fund shall be received by a municipal employee authorised by the committee in this behalf and shall be forthwith paid into the State Bank of India, in a Treasury of the Government, in a Nationalised Bank or in any other Bank approved by the Government in this behalf.Explanation. - For the purposes of this section Nationalised Bank means a Bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.] [Sub-section (1) substituted by Punjab Act No. 38 of 1976.]

(2)

[ In places where there is no such treasury, sub-treasury or bank, the municipal fund may with the previous sanction of the [Deputy Commissioner] [Substituted by Punjab Act No. 3 of 1933.] be deposited with any banker, or person acting as a banker, and who has given such security for the safe custody and repayment on demand of the fund if deposited as the [Deputy Commissioner] [Substituted 'Commissioner' by Punjab Act No. 34 of 1953.] may in each case think sufficient].

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