Administration Manual - B.E.S.T. Undertaking.

607
3.A.12 Investment of surplus money of the Undertaking is made in accordance
under the provisions of Section 460 JJ(1) to 460 JJ(3) of the MMC Act,
1888.
3.A.12-1 460 JJ Investment of Surplus Money:
1) Surplus money at the credit of the BEST Fund which cannot
immediately or at an early date be applied for the purposes of
this act or of any loan raised for the purpose of the BEST
Undertaking may be from time to time deposited at interest in
SBI or such other banks as may have been approved by the
Corporation under Section 460 AA or be invested in Public
Securities.
2) All Surplus money which it is necessary to keep readily available
for application to such purposes and all surplus money, which
cannot be in the opinion of the General Manager, concurred in
by the BEST Committee, be favorably deposited or invested as
aforesaid, may be deposited at interest at any bank or banks in
the city which the BEST Committee may subject to the control of
the Corporation from time to time select for the purposes.
3) All such deposits and investments shall be made by the General
Manager on behalf of the Corporation, with the sanction of the
BEST Committee and with the like sanction, the G.M. may at any
time withdraw any deposit so made or dispose off any securities
and re-deposit or re-invest the money so withdrawn, or the
proceedings of the disposal of such securities, but no order for
making any deposit or investment, withdrawal or disposal under
this Section shall have validity unless the same be in writing,
signed by three persons in the manner specified in Sub Section
(1) of Section 460 BB for signing of cheques.