Amendment status not verified — confirm the current text below against the official source.
(1) If at anytime during tfie year it ap- t o S u « n Pe a r s t o t n c Corporation that, notwithstanding any re income^ and duction of budget-grant that has been made under sec expenditure tion 121, the income of the Municipal Fund during the during the game year will not be sufficient to meet the y e a r‘ expenditure sanctioned in the Budget Estimate of the year and to leave at the end of the year a closing balance of one lakh rupees, then it shall be incumbent on the Corporation to take any measures which it may consider necessary for pro portioning the year’s income to the expenditure. (2) For the purposes of sub-section (1), the Corpora- * tion may either diminish the sanctioned expenditure of the year, so far as it may be possible with due regard to ali the requirements of this Act, or have recourse to supplementary taxation or to an ,, increase of the rates, or adopt all or any of those methods. Provision as 123. If the whole or any part of any budget-grant to unexpen- included in the Budget estimates for a year remains un- ded budget. eXp e n ded at the end of that year, and the amount g ra n t- thereof has not been taken into account in the opening balance entered in the budget estimate of any of the next two following years, the Standing Finance Commit tee may sanction the expenditure of such budget-grant or the unexpended portion thereof during the next two following years for the completion of the purpose or object for which the budget-grant was originally made and not for any other purpose or object. CHAPTER IX BORROWING et- Power of Corporation to borrow.