State Act

The Mumbai Municipal Corporation Act.

460LL. Disposal of surplus balance of revenue.— (1) If after making allowance for the matters mentioned in section 460KK, there remains any further surplus balance of income over expenditure at credit of the Revenue Account of the 4[Brihan Mumbai Electric Supply and Transport Fund], such surplus shall be disposed of as follows:— (a) 30 per cent. of the surplus shall be credited under a separate heading in the accounts maintained under section 460MM to a special fund to be called ‘the Revenue Reserve Fund’, unless the balance in the said Revenue Reserve Fund, with such credit, would exceed fifty lakhs of rupees, in which case only such sum, if any, as is required to bring the balance to fifty lakhs of rupees shall be so credited and the remainder of the surplus upto 30 per cent. thereof, shall be added in equal shares to the amounts credited or transferred under clauses (b), (c) and (d); (b) 30 per cent. of the surplus and such additional amount as may be available under clause (a) shall be credited under a separate heading in the accounts maintained under section 460MM to a special fund called ‘the 5[Brihan Mumbai Electric Supply and Transport Betterment Fund]’; (c) 25 per cent. of the surplus and such additional amount as may be available under clause (a) shall be transferred to the municipal fund for credit to the Welfare Fund mentioned in section 120A; and (d) 15 per cent. of the surplus and such additional amount as may be available under clause (a) shall be transferred to the municipal fund. (2) The Revenue Reserve Fund shall be applied to the following purposes:— (i) in making good or in reduction of any deficit in the amount to be transferred in any year to the municipal fund under section 460KK; and (ii) in meeting any charges to be defrayed out of the 1[Brihan Mumbai Electric Supply and Transport Fund] to the extend to which the balance available in the fund is insufficient for the purpose. (3) The 2[Brihan Mumbai Electric Supply and Transport Betterment Fund] shall be applied to improvements in the services, amenities and facilities provided for the public by the 3[Brihan Mumbai Electric Supply and Transport Undertaking]. (4) The amounts to be transferred to the municipal fund under clauses (c) and (d) of sub-section (1) shall be paid into the 4[State Bank of India] to the credit of the municipal fund by means of cheques drawn upon the 5[Brihan Mumbai Electric Supply and Transport Fund] not later than the thirtieth day of June immediately following the close of the official year in which the transfers are due to be made.