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(1) Except as otherwise directed by the State Government, all moneys forming part of the funds of the Authority shall be deposited in the Reserve Bank of India or in such Scheduled Bank or invested in such securities as may be approved by the State Government. Explanation.- For the purposes of this section, the Reserve Bank of India means the Reserve Bank of India at 1[Mumbai] constituted under the Reserve Bank of India Act, 1934 (II of 1934), and a Scheduled Bank means a Bank included in the Second Schedule to the said Act. (2) The fund of the Authority shall be operated upon by such officers as may be authorised by the Authority.
<span style="margin-left:15px;"></span> (<i>1</i>) Except as otherwise directed by the State Government, all moneys forming part of the funds of the Authority shall be deposited in the Reserve Bank of India or in such Scheduled Bank or invested in such securities as may be approved by the State Government. <br> <span style="margin-left:15px;"></span> <i>Explanation</i>.- For the purposes of this section, the Reserve Bank of India means the Reserve Bank of India at <sup>1</sup>[Mumbai] constituted under the Reserve Bank of India Act, 1934 (II of 1934), and a Scheduled Bank means a Bank included in the Second Schedule to the said Act. <br> <span style="margin-left:15px;"></span> (<i>2</i>) The fund of the Authority shall be operated upon by such officers as may be authorised by the Authority. <br>