Section 40

All moneys received by the local authority in respect of the

Local Authority Fund shall be lodged on current or deposit account with one or more banks licensed under the Banking and Financial

Institutions Act 1989 [Act 372].

All orders or cheques against the said Fund shall be signed by two officers authorized in writing by the local authority.

Any such moneys may be invested in any securities in which trustees are empowered to invest or in such other manner as authorized by the Minister of Finance.

Power of local authority to raise loans