Section 126B in The Mumbai Municipal Corporation Act, 1888
126B. Budget estimate to be prepared by [Briban Mumbai Electric Supply and Transport Committee] [These words were substituted by the words 'Mayor-in-Council' by Maharashtra 27 of 1999, Section 60(a)(i), (w.e.f. 23-4-1999).].
(1)[Briban Mumbai Electric Supply and Transport Committee] [These words were substituted by the words 'Mayor-in-Council' by Maharashtra 27 of 1999, Section 60(a)(i), (w.e.f. 23-4-1999).] shall, on or as soon as may be after each tenth day of October, consider the estimates of [the General Manager and, after having obtained from the General Manager] [These words were substituted for the words 'Member-in charge of the Brihan Mumbai Electric Supply and Transport Undertaking and after having obtained from the said Member-in-charge' by Maharashtra 27 of 1999, Section 60(a)(ii), (w.e.f. 23-4-1999).] such further detailed information, if any, as it shall think fit to require, and having regard to all the requirements of this Act, shall frame therefrom, subject to such modifications and additions therein or thereto as it shall think fit, a budget estimate, to be called"budget estimate 'C", of the income and expenditure for the next official year to be received and incurred in respect of the [Bombay Electric Supply and Transport Undertaking] [These words were substituted for the words 'Bombay Electric Supply and Transport Undertaking' by Maharashtra 25 of 1996, Schedule.].(2)In budget estimate "C", [the Committee] [These words were substituted for the words 'the Member-in-Charge' by Maharashtra 27 of 1999, Section 60(b), (w.e.f. 23-4-1999).] shall -[(i-a) propose, subject to the provisions of the [Motor Vehicles Act, 1939,] [Clause (i-a) was inserted by Maharashtra 32 of 1966, Section 3] the Electricity (Supply) Act, 1948, and any other enactment for the time being in force and of any licence granted to the Corporation thereunder the levy of fares and charges for the conveyance of passengers and for the carriage of goods by any means of transport provided, and for charges for the supply of electrical energy, by the [Bombay Electric Supply and Transport Undertaking] [These words were substituted for the words 'Bombay Electric Supply and Transport Undertaking' by Maharashtra 25 of 1996, Schedule.] at such rates as would in the opinion of [the Committee] [These words were substituted for the words 'the Member-in-Charge' by Maharashtra 27 of 1999, Section 60(b), (w.e.f. 23-4-1999).] bring inadequate revenue for meeting the proposed expenditure and for complying with the provisions of the next succeeding clauses of this sub-section;](a)provide for the payment, as they fall due, of all sums and of all instalments of principal and interest for which the corporation may be liable under this Act by reason of the acquisition, extension, administration, operation and maintenance of the [Bombay Electric Supply and Transport Undertaking] [These words were substituted for the words 'Bombay Electric Supply and Transport Undertaking' by Maharashtra 25 of 1996, Schedule.];(b)allow for the amounts to be transferred during the next ensuing official year to the municipal fund as provided in sections 460KK and 460LL; and(c)allow for a cash balance at the end of the said year of riot less than one lakh of rupees.(3)[ The General Manager shall lay budget estimate 'C' as framed by the Brihan Mumbai Electric Supply and Transport Committee before the Standing Committee on or before each first day of December and the Standing Committee shall prepare a report of the Corporation thereon, incorporating the remarks and recommendations, if any, of the Standing Committee.(4)The Municipal Secretary shall cause budget estimate 'C' and the report of the Standing Committee thereon to be printed and shall, not later than the 31st day of December; forward a printed copy thereof to the usual or last known local place of abode of each councillor.] [Sub-sections (3) and (4) were inserted by Maharashtra 27 of 1999, Section 60(c), (w.e.f. 23-4-1999).]]
