Amendment status not verified — confirm the current text below against the official source.
(1) If it shall at any time during any financial year appear to the Corporation, upon the representation of the Standing Committee, that notwithstanding any reduction of budget grants that may have been made under section 191, the income of the municipal fund during the said year will not suffice to meet the expenditure sanctioned in the budget estimates of the said year as so reduced and to leave at the close of the year a cash balance of not less than the prescribed sum in the case of the municipal fund, it shall be incumbent on the Corporation to sanction forthwith any measure which shall be necessary for proportioning the year‘s income to the expenditure. (2) For the purpose of sub-section (1) the Corporation may diminish the sanctioned expenditure of the year so far as it may be possible so to do with due regard to the provisions of this Act.