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The Official Receiver's Act, 1938 (Bengal Act)

( ACT NO. VII OF 1938 )

Account of Official Receiver, investments and proceeds of investments
9. (1) The Official Receiver shall maintain an account in the prescribed manner, and shall pay into such account after making any prescribed deductions-
(a) all monies received by him in the administration of any property, and
(b) any other sums that may be prescribed.
(2) Subject to the control of the Government-
(a) whenever the cash balance standing to the credit of the account referred to in sub-section (1) is, in the opinion of the Official Receiver, in excess of the amount required for the time being both to meet demands in respect of properties under the control of the Official Receiver and to make any payments that may be prescribed, the Official Receiver shall invest such excess, and
(b) whenever any part of the money so invested is in the opinion of the Official Receiver, required to meet such demands or to make such payments, he may realise such part of the sums invested as may be necessary for such purposes, and he shall credit the proceeds of such realisation to the said account.
(3) The Official Receiver shall transfer and pay to such authority and in such manner and at such times as may be prescribed, the interest earned by, and any profits accruing from the realisation of, any investments under clause (a) of sub-section (2), and the same shall be carried to the account and credit of Government revenues.
(4) Nothing in this section shall be deemed to affect the power of the Court to give directions to the Official Receiver in regard to the investment of any property held by him as a receiver appointed by the Court or in regard to the credit of any interest earned by, and any profits accruing from the realisation of, such investment.

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