Section 460KK in The Mumbai Municipal Corporation Act, 1888
460KK. Fixed annual payment to municipal fund.
(1)Out of the balance of income over expenditure remaining at credit of the Revenue Account of the [Brihan Mumbai Electric Supply and Transport Fund] [These words were substituted by Maharashtra 25 of 1996, (w.e.f, 4.9.1996).] at the close of each official year, after defraying or making allowance for all changes, costs and expenses payable out of the revenue of the said fund and allowing for the retention of a cash balance of one lakh of rupees at the least to the credit of the said fund, there shall be transferred to the credit of the municipal fund the amount provided in sub-section (2):Provided that if the balance at credit of the said Revenue Account, after allowing for the matter aforesaid, is fess than the amount provided in sub-section (2), the whole of such balance shall be transferred to the municipal fund and any deficit shall be made good to the municipal fund out of the Revenue Reserve Fund maintained under section 430LL and if the deficit still remains it shall be made good to the municipal fund out of the balance available at credit of the Revenue Account of the next or any subsequent year after allowing for all the matters aforesaid and for the amount provided in sub-section (2) in respect of that year.(2)The amount to be transferred to the municipal fund under sub-section (1) shall be:-(a)in the case of the official year ended on the 31st March 1948 the sum of five lakhs of rupees;(b)[ in the case of the official years ended on the 31st March, 1949 and the 31st March, 1950, in respect of each year, the sum of ten lakhs of rupees; [Clauses (b) to (e) were substituted for clauses (b) and (u) by Bombay 48 of 1950. Section 71.](c)in the case of the official year ending on the 31st March, 1951, the sum of twenty-five lakhs of rupees;(d)in the case of each subsequent year until the year ending on the 31st March, 1955, at progressively increasing scale, the sum of three lakhs of rupees in addition to the sum paid, in respect of the previous official year;(e)in the case of the official year ending on the 31st March, 1956 and each subsequent official year, the sum of forty lakhs of rupees].(3)The sum to be transferred under sub-section (1) shall be paid into [the State Bank of India] [These words were substituted for the words 'the Imperial Bank of India' by Maharashtra 10 of 1998, Section 227.] to the credit of the municipal fund by means of a cheque drawn upon the [Brihan Mumbai Electric Supply and Transport Fund] [These words were substituted by Maharashtra 25 of 1996, (w.e.f. 4.9.1996).] not later than the thirtieth day of June immediately following the close of the year in which the balance out of which the transfer is due to be made accrues.
