Amendment status not verified — confirm the current text below against the official source.
Finance Commission - (1) The Finance Commission constituted by the Governor in pursuance of article 243-I of the Constitution shall also review the financial position of the Corporation and make recommendations to the Government as to,-- (a) the principles which should govern,- (i) the distribution between the State and the Corporation of the net proceeds of the taxes, duties, tolls and fees leviable by the State, which may be divided between them under this part and the allocation between the Corporation of their respective shares of such proceeds; (ii) the determination of the taxes, tolls and fees which may be assigned to, or appropriated by the Corporation; (iii)the grants-in-aid to the Corporation from the Consolidated Fund of the State; (b) the measures needed to improve the financial position of the Corporation; (c) any other matter referred to the Finance Commission by the Government in the interests of sound finances of the Corporation. (2) The Government shall cause every recommendation made by the Commission under this article together with an explanatory memorandum as to the action taken thereon to be laid before the Legislative Assembly of the State. 1[12.A- Sanction of works contract – The powers of the several authorities of the Municipal Corporation and the Government to sanction works contract shall be as follows namely: (i) Commissioner: Works contract for a value not exceeding rupees ten lakhs; 1 . New section Inserted by the Act No.15 of 2013, S.5 (ii) Standing Committee: Works contract for a value exceeding rupees ten lakhs but not exceeding rupees fifty lakhs; (iii) Corporation : Works contract for a value exceeding rupees fifty lakhs but not exceeding rupees two hundred lakhs; (iv) Corporation and the Government: Works contract for a value exceeding rupees two hundred lakhs after approval of the Corporation shall be submitted to the Government for sanction.]