(1)Subject to the provisions of this Act and rules made thereunder and such general or special orders of the Government, all property owned by, or vested in the Panchayat under this Act and all funds received by it and all sums accruing to it under the provisions of this Act or any other law for the time being in force, shall be applied for the purposes for which by or under this Act, or any other law for the time being in force, powers are conferred or duties are imposed upon the Panchayat:Provided that no expenditure shall be incurred out of the Panchayat fund unless provisions therefore has been made in the budget of the Panchayat or funds are obtained by reappropriation duly approved except in such cases as may be prescribed.
