All moneys as the credit of the Board Fund shall be kept in the Government treasury or at any Bank as the Board may with the previous approval of the State-Government determine:

Provided that nothing in this Section shall be deemed to preclude the Board from investing with the previous sanction of the State Government, any such moneys as are not required for immediate expenditure in any of the securities described in Section 20 of the Indian Trusts Act, 1882 or placing them in fixed deposit in a Bank approved by the State Government.