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

INVESTMENT SECTION :
1130
Investment of surplus moneys of the Undertaking is made in accordance under the
provision Section 460 JJ(1) to 460 JJ(3) of the MMC Act 1888. The other Sections of the MMC
Act 1888 related to the banking activity are as under :-
460 AA - General Manager to receive payments on account of ' (Brihan Mumbai
Electric Supply and Transport Fund) and to lodge them in Bank.
All moneys payable to the credit of the (Brihan Mumbai Electric Supply and
Transport Fund) shall be received by the General Manager and shall be forthwith paid
into (the State Bank of India) or such other banks in the city as may be approved by the
Corporation from time to time in this behalf to the credit of an account which shall be
styled the account of the (Brihan Mumbai Electric Supply & Transport Fund) :
Provided that the General Manager may, subject to any general or special directions
issued by the (BEST Committee), retain such balances in cash as may be necessary for the
operations of the (Brihan Mumbai Electric Supply and Transport Undertaking).
460 BB How (Brihan Mumbai Electric Supply and Transport Fund) shall be
drawn against :
(1) Subject as hereinafter provided, no payment shall be made by the Bank
aforesaid out of the (Brihan Mumbai Electric Supply and Transport Fund),
except on a cheque signed by two persons
in the manner specified below, namely -
(a) by the Commissioner, or by the General Manager, or by the Deputy General
Manager or in their absence by a municipal officer whose name appears in a list
of officers (approved by the BEST Committee) authorised to sign cheques : and
(b) by a Municipal Officer whose name appears in the said list :
Provided that, any cheque for an amount not exceeding two thousand rupees if
signed by the Commissioner or by the General Manager or by the Deputy General
Manager or by any two Officers whose names appear in the said list shall be