Amendment status not verified — confirm the current text below against the official source.
The exercise by any Corporation authority of any power conferred or the performance of any duty imposed by or under this Act which will involve expenditure shall, except where it is expressly provided otherwise by or under this Act, be subject to the conditions that -- (a) such expenditure, so far as it is to be incurred in the financial year in which such power is exercised or duty performed, is provided for under a budget grant, and (b) if the exercise of such power or the performance of such duty involves or is likely to involve expenditure for any period or at any time after the close of the said financial year, the sanction of the Corporation is taken before the liability for such expenditure is incurred.