Constitution of Finance Commission

(1) As soon as may be within one year from the commencement of the Constitution (Seventy-third Amendment) Act, 1992 and thereafter at the expiration of every fifth year, the Governor of Punjab shall by Notification, constitute a Finance Commission to be called the Punjab Finance Commission for Panchayats and Municipalities for reviewing the financial position of Panchayats and Municipalities and for making recommendations in terms of the provisions of Article 243-I and Article 243-Y of the Constitution of India. (2) The Finance Commission constituted under sub-section (1) shall consist of a Chairman and four other Members to be appointed by the Governor of Punjab. (3) The Finance Commission shall have its headquarters at Chandigarh or at such other place as may be notified by the State Government from time to time.