66A. [ Powers of the Municipality to enter into any business or venture. [Inserted by section 18 of the West Bengal Act 16 of 2002, w.e.f. 2.9.2002.]
(1)Notwithstanding anything contained in this Act or in any other law for the time being in force, the Board of Councilors may, with the prior approval of the State Government, enter into any business alone, or a Joint Venture, or Partnership Business with any individual or organization, on such terms and conditions as may be decided by the Board of Councilors and agreed to by the partner or' partners of such Joint Venture or Partnership Business after being approved by the State Government.(2)The Municipality may, with the prior approval of the State Government, invest the Municipal Properties, under section 75, in the Joint Venture or Partnership Business mentioned in sub-section (1).(3)For financial investment from the Municipal Fund, either in any business proposed to be r.'one by the Municipality alone or in the Joint Venture or Partnership Business mentioned in sub-section (1), existence of one of the following conditions shall be mandatory :-(a)the Municipality shall not have any deficit budget in the three preceding consecutive financial years; or(b)the Municipality shall be sure of earning profit from such Joint Venture or Partnership Business before completion of one year from the date of entering into such venture or business; or(c)the fund is required to be used for saving a certain Municipal Property, and the Board of Councilors is sure of earning profit within a period of five years from the date of such investment.(4)After entering into any business alone or Joint Venture or Partnership Business, the Municipality shall send report once in every six months to the State Government detailing the progress of such business or Joint Venture or Partnership Business.(5)If any Municipality, without showing proper reason, fails to fulfil the Conditions specified in sub-section (3), the State Government may, by order, withdraw the Municipality from such business or Joint Venture or Partnership Business, and State Government may compensate. the other partner or partners of such business or Joint Venture or Partnership Business or any other person or organization affected by the loss made in such business or Joint Venture or Partnership Business by deducting from the fund of the Municipality concerned, after being satisfied that such loss has been caused by the default of the Board of Councilors.]
