AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

Cantonments Act, I924

107.Custody of cantonment fund:-

(1) Where in or near a cantonment there is a Government treasury or sub-treasury, or a branch of the Imperial Bank of India , {Now the State Bank of India.} the cantonment fund shall be kept in such treasury, sub-treasury or bank, as the case may be.

(2) Where there is no such treasury, sub-treasury or bank, the cantonment fund may be deposited with any bank to which the Government treasury business has been entrusted, and, in the absence of such a bank, with any banker or person acting as a banker who has given such security for the safe custody of the fund and the payment on demand of the funds so deposited as the {Subs., ibid., for " L.G."} [Central Government may in each case direct.

{Subs.by Act 26 of 1927, s.12, for the original sub-section.} [(3) A l[Board] may, from time to time, with the previous sanction of the {Subs.by Act 24 of 1936, s.35, for " L.G."} [Officer Commanding-in-Chief, the Command], invest any portion of its cantonment fund in securities of the Central Government or in such other securities, including fixed deposits in banks, as the {Subs., ibid., for " L.G."} [Central Government] may approve in this behalf, and may dispose of such investments or vary them for others of a like nature.]

(4) The income resulting from any fixed deposit or fro-m any such security as is referred to in sub-section (3) or from the proceeds of the sale of any such security shall be credited to the cantonment fund.

Property



Cantonments Act, 1924> Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys