Section 101(4) in The Maharashtra Municipal Councils, Nagar Panchayats And Industrial Townships Act, 1965
(4)The Council shall consider the estimates prepared by the Chief Officer and the recommendations of the Standing Committee, if any, and adopt the budget estimates with or without modifications not later than the 28th day of February:[Provided that, when a Council is indebted to Government or Government has guaranteed any loan raised by a Council in the open market or otherwise, the budget of the Council shall be adopted only with the previous sanction of the Collector who shall accord such sanction strictly in accordance with the general or special directions of the Director in this behalf] [This proviso was substituted by Maharashtra 18 of 1993, Section 20(a).]:Provided further that, nothing, in the first proviso shall be deemed to prevent the Council during the first quarter of the financial year or till the budget is sanctioned whichever is earlier, from paying from its municipal fund, cost of the sanctioned establishment and contingencies:[Provided also that, if the Council fails to adopt the budget on or before the 28th day of February, the President shall forthwith submit the budget to the [Collector] [This proviso was inserted by Maharashtra 4 of 1974, Section 22(1)(c).] for his approval. The [Collector] [This word was substituted for the word 'Director' by Maharashtra 18 of 1993, Section 20(b).] shall, within thirty days from its receipt, approve such budget with or without modifications, or return it to the President, with such direction as he may think fit to give, for reconsideration. When any such budget is approved by the [Collector] [This word was substituted for the word 'Director' by Maharashtra 18 of 1993, Section 20(b).] it shall be deemed to have been duly sanctioned.]
