Municipal Fund

Municipal Fund. All moneys received by or on behalf of the municipal council by virtue of this Act or any other law; all taxes, tolls and other imposts, fines, fees penalties paid to or levied by it under this Act; all proceeds of land or other property sold by the municipal council, and all rents accruing from its land or property; also all interest, profits and other moneys accruing by gifts or transfers from the Government or private individuals or otherwise shall constitute the municipal fund, and shall be held and dealt with in the same manner as the property mentioned in section 81; Provided that,— (a) nothing in this section, or in section 81 shall in any way affect any obligation accepted by or imposed upon any municipal council by any declaration of trust executed by or on behalf of such municipal council, or by any scheme settled by order of the Government for the administration of any trust; (b) a municipal council may, subject to the condition that reasonable provision shall be made for the performance of all obligations imposed or that may be imposed on it by or under this Act or any other law for the time being in force, credit to a separate head in the municipal accounts any portion of the municipal fund received or set apart by it specially for the purposes of schools or dispensaries or water works or fire-brigades or other such purposes as the Deputy Commissioner in this behalf approves, and the municipal council may apply any sums properly so credited exclusively to the special purposes for which such sums were received or set apart; and (c) a municipal council shall credit to a separate head in the municipal accounts fees received under section 137, and the municipal council shall apply any sums so credited exclusively for the purposes specified in the said section.