CI Act 101Chapter VI · Finance

Section 101 · Investment of sinking funds

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(1)

All money paid into any sinking fund shall as soon as possible be invested, under the orders of the Board, in -

(a)

Government securities, or

(b)

securities guaranteed [by the Central or any State Government] [Words substituted by the Government of India (Adaptation of India Laws) Order, 1937 and the Adaptation of Laws Order, 1950, respectively.], or

(c)

Calcutta Municipal debentures, or

(d)

debentures issued by the Commissioners for the Port of Calcutta, or

(e)

debentures issued by the Board,
in the joint names of the Secretary to the Government of [West Bengal] [Words substituted by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948.]in the Financial Department and the Accountant General of [West Bengal] [Words substituted by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948.], to be held by them as trustees for the purpose of repaying from time to time the debentures issued by Board.

(2)

All dividends and other sums received in respect of any such investment shall, as soon as possible after receipt, be paid into the appropriate sinking fund and invested in the manner prescribed, by subsection (1)

(3)

Any investment made under this section may from time to time subject to the provisions of sub-section (1), be varied or transposed.

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