Section 58. Financial provisions.

(1) The Board shall have its own fund which shall be deemed to be a local fund and to which shall be credited all moneys received by or on behalf of board. (2) The Board's fund shall be kept in the State Bank of India or, with the previous sanction of the State Government, in the U.P. Co-operative Bank or in a scheduled bank: Provided that nothing in this sub-section shall be deemed to preclude the Board from retaining such balance in cash as may be necessary for current payments or form investing any portion of the fund not required for immediate expenditure in any of the securities described in Section 20 of the Indian Trusts Act, 1882(Act No. II of 1882) (3) Subject to such conditions and limitations as may be prescribed, the Board may from time to time raise loans or enter into financial arrangements for the purposes of this Act. (4) Subject to such conditions and limitations as may be prescribed, the Board may grant loans and advances, on such terms and conditions as it may determine, to any other local authority, any co-operative society, or to any other person for the construction of houses.