Section 49(7) in The Maharashtra Municipal Councils, Nagar Panchayats And Industrial Townships Act, 1965
(7)Where a Council has entered into any arrangement or made any promise, purporting to bind it or its successors for a term of years or for an unlimited period to continue to any educational or charitable institution a yearly contribution from the municipal property or fund, it shall be lawful for the Council or its successors, with the sanction of the State Government to cancel such arrangement or promise, or to discontinue or to diminish, such yearly contribution provided that it shall have given at least twelve months notice, of its intention so to do to the manager, or managers of such institution.
