Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in this Act or in any other law for the time being in force, the Corporation may, with the prior approval of the State Government, enter into any business itself. or Joint Venture basis, or Partnership basis with any individual or organisation, on such terms and conditions as may be decided by the Corporation and agreed to by the partner or partners of such Joint Venture or Partnership Business after being approved by the State Government. (2) The Corporation may, with the prior approval of the State Government, invest the Corporation properties in the Joint Venture or Partnership Business mentioned in sub-section (1). (3) For financial investment from the Corporation Fund, either in any business proposed to be done by the Corporation itself, or Joint Venture basis, or Partnership basis mentioned in sub-section (1), existence of one of the following conditions shall be necessary:-- (a) the Corporation shall not have any deficit budget in the last three preceding financial years; or (b) the Corporation shall be sure of earning profit from such Joint Venture or Partnership Business before completion of one year from the date of entering into such venture or business; or (c) the fund is required to be used in such project in order to ensure safety of a certain Corporation Property, and the Corporation is sure of earning profit within a period of five years from the date of such investment. (4) After entering into any business alone or Joint Venture or Partnership Business, the Corporation shall send a report once in every six months to the State Government detailing the progress of such business or Joint Venture or Partnership Business. (5) If any Corporation, without showing proper reason, fails to fulfil the conditions specified in sub-section (3), the State Government may, by order, withdraw the Corporation from such business or the business on Joint Venture or Partnership basis, and the State Government may compensate, the other partner or partners of such business or Joint Venture or Partnership Business or any other person or organisation affected by the loss made in such business or Joint Venture or Partnership Business by deducting from the fund of the Corporation concerned, after being satisfied that such loss has been caused by default of the Corporation. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 29, 2008 61 The West Bengal Municipal Corporation Act, 2006. (Part V.—Chapter 1X.—Municipal Taxation.—A. Tax and fee.—Sections 102-105.) PART V CHAPTER IX Power to impose tax. Levy of fee on congregation. Levy of fee on tourist. Levy of special conservancy charge. Municipal Taxation A. Tax and fee