2(1) Where the trust property consists of money and cannot be applied immediately or at any early date to the purposes of the public trust the trustee shall be bound 3[notwithstanding any direction contained in the instrument of the trust to deposit the money in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (II of 1934), in the Postal Savings Bank or in a Co-operative Bank approved by the State Government for the purpose or to invest it in public securities] :
Provided that such money may be invested in the first mortgage of immovable property situate in 4[any part of India] if the property is not leasehold for a term of years and the value of the property exceeds by one-half the mortgage money :
Provided further that the Charity Commissioner may by general or special order permit the trustee of any public trust or classes of such trusts to invest the money in any other manner :
5[provided also that, if any public trust has made the application to the Charity commissioner for seeking the order granting the permission for investing the money in any other manner under the second proviso, the Charity Commissioner shall decide such application within three months from the date of receipt of such application and where it is not practicable so to do, the Charity Commissioner shall record the reasons for the same.].
6[(2) Nothing in sub-section (2) shall affect any investment or deposit already made before the coming into force of the Bombay Public Trusts (Amendment) Act, 1954 (Bom. LIX of 1954), in accordance with a direction contained in the instrument of the trust :
Provided that any interest or dividend received or accruing from such investment or deposit on or after the coming into force of the said Act or any sum 7[so invested or deposited] on the maturity of the said investment or deposit shall be applied or invested in the manner prescribed in sub-section (1)].
1. This heading was inserted by Mah. 20 of 1971, s. 21.
2. Section 35 was re-numbered as sub-section (1) of that section by Bom. 59 of 1954, s. 3.
3. This portion was substituted for the original by Bom. 59 of 1954, s. 3(1).
4. These words were substituted for the words and letters "a Part A State or Part C State" by the Bombay Public Trusts (Corporations) Order, 1959.
5. This proviso wad added by Mah. 55 of 2017, s. 5.
6. This sub-section was inserted by Bom. 59 of 1954, s. 3(2).
7. These words were substituted for the word "realized" by Bom. 6 of 1960, s. 19.