The Delhi Municipal Corporation Act, 1957

⁴[107. Investment of surplus moneys.-

(1) Surplus money standing at the credit of General Account of the Municipal Fund which cannot immediately be applied for the purposes specified in section 105 shall be deposited in the State Bank of India or in such scheduled bank or banks as the Corporation may select or be invested in public securities.

(2) The loss, if any, arising from such deposit of investment shall be debited to the General Accounts of the Municipal Fund.

4. Subs. by Act 67 of 1993, s. 77, for section 107 (w.e.f. 1-10-1993).

107A. Constitution of Finance Commission.-

(1) The Administrator shall, as soon as may be, within one year from the commencement of the Constitution (Seventy-third Amendment) Act, 1992 and thereafter at the expiration of every fifth year constitute a Finance Commission to review the financial position of the Corporation and to make recommendations to the Administrator as to,-

(a) the principles which should govern,-

(i) the distribution between the National Capital Territory of Delhi and the Corporation of the net proceeds of the taxes, duties, tolls and fees leviable by the National Capital Territory of Delhi which may be divided between them.

(ii) the determination of the taxes, duties, tolls and fees which may be assigned to or appropriated by the Corporation;

(iii) the grants-in-aid to the Corporation from the consolidated fund of the National Capital Territory of Delhi;

(b) the measures needed to improve the financial position of the Corporation;

(c) any other matter referred to the Finance Commission by the Administrator in the interest of sound finance of the Corporation.

(2) The Legislature of the National Capital Territory of Delhi, may by law provide for the composition of the Commission, the qualifications which shall be required for appointment of members thereof, and the manner in which they shall be selected.

(3) The Commission shall determine their procedure and shall have such powers in the performance of their functions as the Legislature of the National Capital Territory of Delhi, may, by law, confer on them.

(4) The Administrator shall cause every recommendation made by the Commission under this section together with an explanatory memorandum as to the action taken thereon to be laid before the Legislative Assembly of the National Capital Territory of Delhi.]

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