Section 360 in The Bombay Provincial Municipal Corporations Act, 1949
360. Disposal of surplus balance of revenue. - (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] 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.(2)The Revenue Reserve Fund shall be applied to the following purposes:-(i)in making good or in reduction of any deficit in the amount to be transferred in any year to the Municipal Fund under section 359; and(ii)in meeting any charges to be defrayed out of the Transport Fund to the extent to which the balance available in the fund is insufficient for the purpose.(3)The Transport Betterment Fund shall be applied to improvements in the services, amenities and facilities provided for the public by the Transport Undertaking.(4)The amounts to be transferred to the Municipal Fund under clauses (c) and (d) of sub-section (1) shall be paid into any bank with which the Municipal Fund is deposited to the credit of the said Fund by means of cheques drawn upon the Transport Fund not later than the thirtieth day of June immediately following the close of the official year in which; the transfers are due to be made.Accounts
