Section 126(1) in The Mumbai Municipal Corporation Act, 1888
(1)The [Standing Committee] [These words were substituted by Maharashtra 27 of 1999, Section 58(a), (w.e.f. 23-4-1999).] shall, on or as soon as may be after each [fifth day of February] [These words were substituted for the words 'first day of March' by Maharashtra 21 of 1989, Section 22(a).] consider the estimate and proposals of the [Commissioner] [These words were substituted for the words 'The Member-in-Charge' by Maharashtra 27 of 1999, Section 58(b) and (c), (w.e.f. 23-4-1999).] and after having obtained from the [Commissioner] [These words were substituted for the words 'The Member-in-Charge' by Maharashtra 27 of 1999, Section 58(b) and (c), (w.e.f. 23-4-1999).] such further detailed information, if any, as they shall think fit to require, and having regard to all the requirements of this Act, shall frame there from subject to such modifications and additions therein or thereto as they shall think fit, [two budget estimates] [These words were substituted for the words 'four budget estimates' by Maharashtra 1 of 1964, Section 6(a)(i).] as follows :-(a)[ Budget Estimates"A" - of the income and expenditure other than - [Clause (a) was substituted for the original by Bombay 7 of 1950, Section 16(1)(b).](i)[ * * * * * *](ii)income and expenditure to be received or incurred by reason of the transfer to the Corporation of the powers, duties, assets and liabilities of the Board of Trustees for the improvement of the City of Bombay constituted under the City of Bombay Improvement Trust Transfer Act, 1925 [or for any of the other purposes of Chapter XX-A] [These words were inserted by Bombay 34 of 1954, Section 8(1).] [* * *] [The word 'and' was deleted by Bombay 48 of 1950, Section 56(1).].(iii)income and expenditure in respect of the [Brihan Mumbai Electric Supply and Transport Undertaking] [These words were substituted by Maharashtra 25 of 1996, (w.e.f. 4.9.1996).];(iv)[ income and expenditure for, or in connection with, the purposes of clause (q) of section 61] [Paragraph (iv) was inserted by Bombay 48 of 1950, Section 56(1).];(v)[ income and expenditure for, or in connection with, the purposes of Chapters IX and X] [Paragraph (v) was inserted by Maharashtra 34 of 1973, Section 12.]];(b)Budget Estimate 'B' of the income and expenditure of the Corporation for the next official year to be received and incurred by reason of the transfer to the Corporation of the said powers, duties, assets and liabilities [or for any of the other purposes of Chapter XII-A] [These words were inserted by Bombay 34 of 1954, Section 8(2).].[* * * * *] [Clauses (b1) and (b2) were deleted by Maharashtra 1 of 1964, Section 6(a)(iii).]
