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(See section 123A) RULES REGULATING THE FORM OF ACCOUNTS RELATING TO IMPROVEMENT SCHEMES, ETC. AND THE MANNER IN WHICH THEY SHALL BE KEPT 1. The Corporation shall keep a Capital Account and a General Account. These shall be credited to the Capital Account— (a) all moneys received on account of loans taken by the Corporation for the improvement of the city or by the Board of Trustees under the City of Bombay Improvement Act, 1898, (Bom. IV of 1898) or the City of Bombay Improvement Trust Transfer Act, 1925, (Bom. VI of 1925) other than moneys temporary borrowed in accordance with section 109C; (b) the proceeds of the sale or exchange of, or the compensation awarded under the Land Acquisition Act, 1894, (I of 1894) for the acquisition by 5[the 6[State] Government] of any portion of the lands or buildings vested or vesting in the Corporation by reason of the transfer to them of the property of the Board of Trustees constituted under the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. VI of 1925) 7[or, acquired by the Corporation for any of the purposes of Chapter XII-A]; 8[bb] the proceeds of any improvement or betterment charges levied under Chapter XII-A;] (c) the proceeds of the sale or exchange of any moveable property of the corporation purchased by debit to the Capital Account; (d) fines or premia levied on granting leases, and sums paid in composition or part composition of rents under leases; (e) any surplus which the General Accounts shall disclose at the end of each financial year; These Schedules were inserted by Bom. 13 of 1933, s. 37. These words were substituted for the words “Signature of the Member-in-charge” by Mah. 27 of 1999, s. 205. These Schedules were inserted by Bom. 13 of 1933, s. 37. The City of Bombay Improvement Act, 1898, was repealed by the City of Bombay Improvement Trust Transfer Act, 1925, which in its turn has been repealed by Bom. 13 of 1933. The words “the Provincial Government” were substituted for the words “Government” by the Adaptation of Indian Laws Order in Council. This words was substituted for the word “Provincial” by the Adaption of Laws Order, 1950. These word were inserted by Bom. 34 of 1954, s.32(1)(a). Sub-clause (bb) was inserted by Bom. 34 of 1954, s.32(1)(b). 1888 : III] The Mumbai Municipal Corporation Act 517 (f) any other sum granted by 1[the 2[State] Government] and directed by them to be credited thereto; (g) any other sums which 3[the Standing Committee], with the previous approval of the corporation, direct to be credited thereto. 2. The money credited to the Capital Account shall be held by the corporation in trust and shall be applied to— (1) meeting the costs of 4[carrying out any of the objects of Chapter XII-A], including the costs of acquiring lands and the costs of constructing buildings required for carrying out any of the 5[purposes of the said Chapter]; (2) the repayment of all loans credited to the Capital Account; (3) expenses connected with or arising from the floatation of loans; (4) making good the deficit, if any, in the General Account, at the end of financial year, provided that the net aggregate amount which may be so debited to the Capital Account shall not exceed 20 per centum on the aggregate capital debt of the corporation in respect of improvement of the city; (5) advancing any sums necessary for the erection, equipment and maintenance of workshops, including tools and plant and transport equipment required generally for 6[carrying out any of the objects of Chapter XII-A]; (6) advancing loans in accordance with the provisions of section 354 W 7[354 WA or354 WB]. 3. The scheduled values of the lands specified in Schedules W and X shall be included in the Capital Account both under receipts and expenditure, the scheduled values of the lands resumed in any year being reduced from both sides of the said account in that year. 4. The Capital Account shall show the total expenditure (including a proportionate charge for the cost of management), incurred by the corporation on each scheme separately, and shall also distinguish between the expenditure incurred on— (a) the improvement of lands vested in the corporation and specified in Schedule W; (b) the improvement of lands vested in the corporation and specified in Schedule X; (c) lands referred to in Schedule Y. 5. There shall be credited to the General Account— (1) all interest on the corporation’s investments including loans advanced under section 354W, 8[354WA or 354WB] but not interest on securities in which the sinking fund balances are invested; (2) all rents of lands vested in the corporation; (3) the net profit at the close of the year, if any, on sales of securities held by the corporation; The words “the Provincial Government” were substituted for the word “Government” by the Adaptation of Indian Laws Order in Council. This word was substituted for the word “Provincial” by the Adaptation of Laws Order, 1950. These words were substituted for the words “the Mayor-in-Council” by Mah. 27 of 1999, s. 206. These words were substituted for the words “framing and excuting schemes in accordance with this Act” by Bom. 34 of 1954, s.32(2)(a)(i). These words were substituted for the words “purposes of this Act” by Bom. 34 of 1954, s. 32(2)(a)(ii). These words were substituted for the words “the execution of any scheme under this Act” by Bom. 34 of 1954, s. 32(2)(b). These figures, letters and word were inserted by Bom. 34 of 1954, s. 32(2)(c). These figures, letters and words were inserted by Bom. 34 of 1954, s. 32(3). 518 The Mumbai Municipal Corporation Act [1888 : III (4) three times the actual net realizations of the corporation in the preceding year under the head of General Tax of payments made in lieu of General Tax (including arrears and payments in advance) divided by the rate fixed for the General Tax for the said financial year: 1[Provided that as respects the 2[twenty-eight] financial year commencing from the financial year 1942-43, this clause shall have effect as if for the word “three times” the word “twice” were substituted;] 3[Provided further that with effect from the financial year 1974-75 this clause shall have effect as if the words “three times” the word “twice” were substituted] 4[* * * * * * *] (6) all other receipts of the corporation which are not required to be credited to the Capital Account. 6. (1) The moneys credited to the General Account shall be applied by the corporation in payment for the following charges, namely:— (a) all payments for interest and sinking fund charges due on account of any loan; (b) the amount of the cost of management apportioned to General Account as provided in rule 8; (c) all other sums due by the corporation other than those required to be debited to the Capital Account. (2) The surplus, if any, remaining at the end of each financial year after making the payments referred to in sub-rule (1), shall be credited to the Capital Account. (3) On the recommendation of 5[the Standing Committee], the corporation may advance any sums standing to the credit of the General Revenue Account to meet current Capital Expenditure, and the amount of any sums so advanced shall be adjusted in the accounts of the year in which such sums are advanced. (4) There shall be debited to the General Account a sum of money equivalent to the sum which would have been payable by the Board of Trustees for the Improvement of the City of Bombay constituted under the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), if the City of Bombay Municipal (Amendment) Act, 1933 (Bom. XIII of 1933) had not been passed, in respect of rates and taxes levied under this Act upon lands and buildings vested or vesting in the corporation by reason of the transfer to the corporation of the powers, duties, assets and liabilities of the said Board of Trustees. 7. The General Account shall distinguish between all items included in the General Account according as such items are in respect of — (1) lands vested in the corporation and specified in Schedule W; (2) lands vested in the corporation and specified in Schedule X; (3) lands situated within the limits specified in Schedule Y; (4) other lands and buildings vesting in the corporation. 8. The net cost of management including— (a) the salaries and allowances of the Deputy Municipal Commissioner (Improvements), the acting Deputy Municipal Commissioner (Improvements) and the scheduled staff and charges on account of establishment employed on duties transferred to the corporation under the City of This proviso was added by Bom. 3 of 1948, s. 3. This word was substituted for the words “twenty-seven” by Mah. 18 of 1969, s. 3, with effect from 24 th February 1969. This proviso was always deemed to have been inserted with effect from 1 st day of April 1974 by Mah. 70 of 1975, s. 2. Clause (5) was deleted by Bom. 21 of 1939, s. 2. These words were substituted for the words “the Mayor-in-Council” by Mah. 27 of 1999, s. 206. The City of Bombay Improvement Trust Act, 1925, has been repealed by Bom. 13 of 1933. 1888 : III] The Mumbai Municipal Corporation Act 519 Bombay Municipal (Amendment) Act, 1933, (Bom. XIII of 1933) 1[or undertaken for any of the purposes of Chapter XII-A] or in cases where establishment is partly employed on such duties and partly on others, a share of the cost of such establishment proportionate to the duties so transferred; (b) the expenses in connection with the Land Acquisition Officer; (c) pensions, gratuities and contributions by the corporation to the Provident Fund; (d) office expenses, cost of audit, expenses of management of debt, losses on investments and other incidental expenses; shall, in the first instance, be debited to the General Account and shall be apportioned at the close of each financial year between the Capital Account and the General Account in such proportion as 2[the Standing Committee] shall determine.] ———————