Exercise of functions to be subject to sanction by Corporation of the necessary expenditure.-

The exercise or performance by any municipal authority of any power conferred or duly imposed by or under this Act which is likely to involve expenditure shall, except in any case specified in the proviso to section 94 be subject to the following conditions, namely:(a) such expenditure, so far as it is to be incurred in the financial year in which such power may be exercised or duty performed, shall have been provided for under a current budget grant; and (b) if the exercise of such power or the performance of such duty involves, or is likely to involve expenditure for any period or at any time after the close of the said financial year, liability for such expenditure shall not be incurred without the sanction of the Corporation.