Section 67: Formation and custody for municipal fund.

(1) There shall be formed for each Nagar Panchayat and for each Council a municipal fund to be called the “Municipal Fund” and it shall be held by the Nagar Panchayat or by the Council, as the case may be, for the purposes of this Act and subject to the provisions thereof.

(2) The Municipal Fund shall vest in the Nagar Panchayat or the Council, as the case may be.