Amendment status not verified — confirm the current text below against the official source.
(1) The Municipal Fund shall De cnerqed wi th the payment ct expences on - (i) fulfilment of any liability or ODliqation arising from trt~~ legally imposed upon on accepted by the Mlnicipality; (ii) the munjcipal e6ta:blis~nt including such' subscriptions and contributions as are payable by the MUllicipality under this Regulation and the rules mad(~ thereunder, (iii) duditLng the accounts of the Municipdlity; (iY) such other matters as may he specified by the Administra't.or from time, to' time. 'r Certain sums may be carried to credit of Municipality, • -4- Application of MWlicipal Funds. THE ANDAMAH AND NI())BAR EXTRA<»IDINARY GAZIm'E. DB:. 8. 1994 41 73.(1) Subject to the provisions of this Accounts Regulation, or any rule 'or bye-law made and audit. thereunder, every Municipal~"ty shall keep and maintain a detailed account of its receipts and expenditure. (2) The accounts of receapcs and expenditure kept and ID1intained by a Mun~cipalitY shall be examined ~nd audited in ,such manner the Administrat~r by rules prescr:bed in this behalf. I (2). Subiect to the charqes specified in BUb- section ( 1) and to such ruleS as aay be mde by the Administrator with respect to the priority to be qiven to the several duties of 'the Municlpality, the Municipal fund shall be applicable to the payment of expenses incurred. for the purpcee ot any obJect1oi duty which is to be or may be undertaken by the Mwlicipality in accordance will the provisions of this Regulation. " '. 72.(1) '[he Finance ~ieBion constitued underaection 186 of the Ar~daman and Nicobar lslandB(Panchayata) Regulatlor'.i 1994, shall review the f manc ie l poeition of the'Municipalities and make recomendations to the President as to, (a) the principles which should govern, , (i) the determination of taxes. duties, tolls and fees which may' assigned to or appropriated by the Municipalities; (ii) the grants-in-aids to the Municipalities from the consolidated Fund of India; (b) t.he lDeaSUre9 needeCj. to improve the financial PJBitins of the Municipalities: . I (c) any other matter reteired to the Finance Commission by the President ~n the interest of sOW1d f mancee of the MW1ici~lities. .> '." " B. MUNIClPAL PROPERTY 74.(1) Sub;ect to any ~pecial reservation made; or to any specae 1 any eoodftiona impoeed , tJy the Administrator. all property of the nature hereafter in this section, specified and situated wi thin, or, where expreeal y 50 provided beyond any municipal area, shall vest. in and be under the control of the Municipali~y and shall be held. and appl ied by it for the purposes of' this Requlatlon. that is to say - ; . Construction of Finance Commission. Property vested. in Municipality.