Part - 22

Investment of surplus funds

258. Investment of moneys.

All such money for the time being standing to the credit of the Liquidator at the Bank as is not immediately required for the purposes of winding up, shall be invested in Government securities or in interest bearing deposits in the designated schedule bank, or, with the previous sanction of the Tribunal, in interest bearing deposits in any other Scheduled Bank, in the name of the Liquidator as Liquidator of the LLP to which the funds belong wherever beneficial to the liquidation:

Provided that in the case of liquidator appointed from the panel, the Tribunal may direct investment of surplus fund in any other manner.