Amendment status not verified — confirm the current text below against the official source.
(1) The moneys credited to the General Account shall be applied by the corporation in payment for the following charges, namely:— (a) all payments for interest and sinking fund charges due on account of any loan; (b) the amount of the cost of management apportioned to General Account as provided in rule 8; (c) all other sums due by the corporation other than those required to be debited to the Capital Account. (2) The surplus, if any, remaining at the end of each financial year after making the payments referred to in sub-rule (1), shall be credited to the Capital Account. (3) On the recommendation of 5[the Standing Committee], the corporation may advance any sums standing to the credit of the General Revenue Account to meet current Capital Expenditure, and the amount of any sums so advanced shall be adjusted in the accounts of the year in which such sums are advanced. (4) There shall be debited to the General Account a sum of money equivalent to the sum which would have been payable by the Board of Trustees for the Improvement of the City of Bombay constituted under the 6City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), if the City of Bombay Municipal (Amendment) Act, 1933 (Bom. XIII of 1933) had not been passed, in respect of rates and taxes levied under this Act upon lands and buildings vested or vesting in the corporation by reason of the transfer to the corporation of the powers, duties, assets and liabilities of the said Board of Trustees.