Section 360(1) in The Gujarat Provincial Municipal Corporations Act, 1949
(1)If, after making allowance for the matter mentioned in section 359, there remains any further surplus balance of income, over expenditure at credit of the Revenue Account of the Transport Fund, such surplus shall be disposed of as follows:-(a)30 percent of the surplus shall be credited, under a separate heading in the accounts maintained under section 361 to a special fund to be called the "Revenue Reserve Fund" unless the balance in the said Revenue Reserve Fund, with such credit, would exceed such sum as the Corporation shall, with the sanction of the [State] [This order was substituted for the word 'Provincial' by the Adaptation of Laws, Order, 1950.] Government fix, in which case only such sum, if any, as is required to bring the balance to the sum so fixed shall be so credited and the remainder of the surplus, upto 30 percent, thereof, shall be added in equal shares to the amounts credited or transferred under clauses (b), (c) and (d);(b)30 per cent of the surplus and such additional amount as may be available under clause (a) shall be credited under a separate heading, in the accounts maintained under section 361 to a special fund called "the Transport Betterment Fund";(c)25 per cent of the surplus and such additional amount as may be available under clause (a) shall be transferred to the Municipal Fund for credit to the Welfare Fund constituted under the rules; and(d)15 per cent of the surplus and such additional amount as may be available under clause (a) shall be transferred to the Municipal Fund.
