Section 126AA in The Bombay Provincial Municipal Corporations Act, 1949
126AA. Finance Commission. - (1) The finance Commissioner shall review the financial position of the Corporation and make recommendation as to-
(a)the principles which should govern-(i)the distribution between the State and the Corporations of the net proceeds of the taxes, duties, tolls and fees leviable by the State, which may be divided between them and the allocation between the Corporations at all levels of their respective shares of such proceeds;(ii)the determination of the taxes, duties, tolls and fees which may be assigned to, or appropriated by, the Corporations;(iii)the grants-in-aid to the Corporations from the Consolidated Fund of the State;(b)the measures needed to improve the financial position of the Corporation,(c)any other matter referred to the Finance Commission in the interest of sound finance of the Corporations.(2)Every recommendation made by the Commission together with an explanatory memorandum as to the action taken thereon shall be laid before the State Legislature.][Chapter X-A]Financial Assistance to Corporations
