Constitution of the Fund

(1) There shall be constituted a Fund, to be called the Punjab Municipal Fund, which shall vest in the State Government. (2) Ten per cent of the amount of tax collected, shall be credited direct of the Fund: Provided that the amount, so credited to the Fund, shall not be less than Rs. 550 crores (Rupees five hundred fifty crores only) per annum or proportion thereof : Provided further that in the event of the amount credited to the Fund under subsection (2) falling short of Rs. 550 crores (Rupees five hundred fifty crores only) or a proportion thereof, the State Government shall make it up by giving the amount so failing short as grant-in-aid. Section 4

1. (2) Ten per cent of the amount of tax collected, shall be credited direct of the Fund: Provided that the amount, so credited to the Fund, shall not be less than Rs. 550 crores (Rupees five hundred fifty crores only) per annum or proportion thereof : Provided further that in the event of the amount credited to the Fund under subsection (2) falling short of Rs. 550 crores (Rupees five hundred fifty crores only) or a proportion thereof, the State Government shall make it up by giving the amount so failing short as grant-in-aid. Section 4