Fixed annual payment to municipal fund.

1. (1) Out of the balance of income over expenditure remaining at credit of the Revenue Account of the 11[Brihan Mumbai Electric Supply and Transport Fund] at the close of each official year, after defraying or making allowance for all charges, costs and expenses payable out of the revenue of the said fund and allowing for the retention of a cash balance of one lakh of rupees at the least to the credit of the said fund, there shall be transferred to the credit of the municipal fund the amount provided in sub-section (2):

Provided that if the balance at credit of the said Revenue Account, after allowing for the matter

aforesaid, is less than the amount provided in sub-section (2), the whole of such balance shall be

These words were substituted for the words “Member-in-charge” by Mah. 27 of 1999, s. 187(a)(i). These words were substituted for the words “the Mayor-in-Council” by Mah. 27 of 1999, s. 188. These words were substituted for the words “Bombay Electric Supply and Transport Fund” by Mah. 25 of 1996, s. 2, Schedule. These words were substituted for the words “Bombay Electric Supply and Transport Fund” by Mah. 25 of 1996, s. 2, Schedule. These words were substituted for the words “Bombay Electric Supply and Transport Undertaking” by Mah. 25 of 1996, s. 2, Schedule. These words were substituted for the words “Imperial Bank of India” by Mah. 10 of 1998, s. 226(a). These words were substituted for the words “Member-in-charge” by Mah. 27 of 1999, s. 189(b). These words were substituted for the words “the Mayor-in-Council” by Mah. 27 of 1999, s. 189(a)(ii). These words were substituted for the words “Member-in-charge” by Mah. 27 of 1999, s. 189(b). These words were substituted for the words “Bombay Electric Supply and Transport Fund” by Mah. 25 of 1996, s. 2, Schedule. These words were substituted for the words “Bombay Electric Supply and Transport Fund” by Mah. 25 of 1996, s. 2, Schedule.

1888 : III] The Mumbai Municipal Corporation Act 351

transferred to the municipal fund and any deficit shall be made good to the municipal fund out of the Revenue Reserve Fund maintained under section 460LL and if the deficit still remains it shall be made good to the municipal fund out of the balance available at credit of the Revenue Account of the next or any subsequent year after allowing for all the matters aforesaid and for the amount provided in sub- section (2) in respect of that year.

1. (2) The amount to be transferred to the municipal fund under sub-section (1) shall be,—
   • (a) in the case of the official year ended on the 31 st March 1948 the sum of five lakhs of rupees; 1[(b) in the case of the official year ended on the 31 st March 1949 and the 31 st March 1950, in respect of each year, the sum of ten lakhs of rupees;
   • (c) in the case of the official year ending on the 31 st March 1951, the sum of twenty-five lakhs of rupees;
   • (d) in the case of each subsequent year until the year ending on the 31 st March 1955, at progressively increasing scale, the sum of three lakhs of rupees in addition to the sum paid in respect of the previous official year;
   • (e) in the case of the official year ending on the 3l st March 1956 and each subsequent official year, the sum of forty lakhs of rupees.]
2. (3) The sum to be transferred under sub-section (1) shall be paid into the 2[State Bank of India] to the credit of the municipal fund by means of a cheque drawn upon the 3[Brihan Mumbai Electric Supply and Transport Fund] not later than the thirtieth day of June immediately following the close of the year in which the balance out of which the transfer is due to be made accrues.