Section 162(1) in Chennai City Municipal Corporation Act, 1919
(1)If it shall at any time during any year appear to the council, upon the representation of the [standing committee] [Substituted for 'central committee' by Tamil Nadu Act 22 of 1971.] that, notwithstanding any reduction of budget grants that may have been made under section 161, the income of the municipal fund during the said year will not suffice' to meet the expenditure sanctioned in the budget estimate of the said year and to leave at the close of the year a cash balance of not less than [one lakh and fifty thousand rupees under General Account-Revenue] [Substituted for the words 'one lakh of rupees' of the Madras City Municipal (Amendment) Act, 1936 (Tamil Nadu Act X of 1936).], it shall be incumbent on the council either to diminish the sanctioned expenditure of the year, so far as it may be possible so to do with due regard to all the requirements of this Act, or to have recourse to supplementary taxation, or to adopt both of these expedients in such measure as may be necessary to secure an estimated cash balance of not less than [one lakh and fifty thousand rupees under General Account-Revenue] [Substituted for the words 'one lakh of rupees' of the Madras City Municipal (Amendment) Act, 1936 (Tamil Nadu Act X of 1936).] at the close of the year.
