Section 17: Custody and investment of Corporation Funds

17. Custody and investment of Corporation Funds.___(1) All moneys at the credit of the Corporation shall be kept___ 1The words “loan or” omitted by Ord. 29 of 1965, s. 5. 2Proviso omitted ibid. 3Subs. by F.A.O., 1975, Art. 2 and Sch., for “Government and the Central Government”. 4Certain words omitted by the Provincial Industrial Corporation (West Pakistan; (Amdt.) Ordinance, 1965 (29 of 1960), s. 7. (a) in places where there is a Government treasury, or sub-treasury or a bank to which the Government treasury business has been made over, in such treasury, sub-treasury or bank; and (b) in other places, with such banks as may be approved by the Government. (2) Nothing in sub-section (1) shall be deemed to preclude the Corporation from investing any such moneys which are not required for immediate expenditure in any of the securities described in section 20 of the Trusts Act, 1882 (II of 1882), or placing them in fixed deposit with a bank approved by Government, or in such other manner as may be approved by the Government.

Effective date: 1962-01-01

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