Section 139 · Vesting, custody and investment of Panchayat Samiti Fund

(1) The Panchayat Samiti Fund shall be vested in the Panchayat, Samiti and the balance standing at the credit of the Panchayat Samiti Fund shall be kept in Government treasury or sub-treasury or in the bank to which the State Government Treasury business has been made over unless the State Government in any case otherwise permits. (2) Subject to such rules as the State Government may make in this be-half a Panchayat Samiti, may from time to time with the previous sanction of the Director, invest any portion of the Panchayat Samiti Fund in securities of the Central Government or invest it in such other securities or place it in such other manner as the State Government may approve in this behalf and with the previous sanction of the Director may vary such investment or placement for another or others of nature and the income resulting from such securities or placements and the proceeds of the sale of the same shall the credited to the Panchayat Samiti Fund.