(1) Every contract made by or on behalf of a Municipality whereof the value of amount exceeds one hundred rupees shall be in writing and shall be signed by two members, of wham the Chairperson ox a Vice- Chairperson shall be one and countersigned by the Secretary:
Provided that, when the power of entering into any contract on behalf of the Municipality has been delegated under soction 63, the signature or fine 1] THE GAZETTE OF INDIA EXTRAORDINARY 29 aignatures of ihe member or members (or ihe signature of the Secretary) to whom ihe power has been delegated shall be sufficient.
(2) Every transfer of immovable property belonging to a Municipality other than a lease for a term not exceeding one year shall be made by an •instrument in writing, executed by the Chairperson or a Vice-Chairperson and by at least two members of the Municipality whose execution thereof shall be iA'csred by the Secretary.
(3) No contract or transfer evecutcd otherwise than in conformity with Ihe provisions pf this section f̂eall be binding on a Municipality.
G. MUNICIPAL BUDGET
65. (!) Every Municipality shall have prepared and laid before it, at a Meeting to be held in every year before such $at»~ as" is fixed by rules in this behalf, a complete account of the actual and expected receipts and expenditure for the year ending on the thirty first day of March next following such date, together with a bi.u\^l. estimate of the income and expenditure of the Municipality for the year commencing on the first day of April next following.
(2) The Municipality shall at such meeting decide upon the appropriations and the ways and means contained in the budget estimate and by special resolution, sanction a budget which shall be submitted to the Administrator.
i3) The Municipality may vary or alter from time to time as circumstances may render desirable, by special resolution, the budget sanctioned under sub-section (2).
Rudyet.
66. As soon as may be after the first day of October, a revised budget for the year shall be framed and such revised budget shall so far as may foe subject to all the provisions applicable to a budget made under section 65.
Revised hudjjer.
67. (I) In framing a budget the Municipality shall provide for the mainienanee of such minimum closing balance (if any) as the Administrator may by order in writing prescribe.
(2) Notwithstanding anything contained in this 'Regulation the budget of the Municipality shall be subject to the sanction of the Administrator and lhat the power to vary or to alter the budget under sub-section (3) of section o5 shall be subject to such conditions as may be imposed by the Administrator .
Special provisions H-» l O budget.
68. (!) Where a budget has been passed, the Municipality shall not incur any expenditure under any of the heads of the budget, other than a head providing for (foe refund of taxes, in excess of the amount passed under that head, without making provision for such excess by the variation or alteration of the budget.
(2) Where any expenditure under any head providing for the refund of taxes is incurred in excess of the amount passed under that head, provision shall be made without delay for such expenditure by the variation or alteration of the* budget.
Expenditure not to exceed budget allotmonl.
30 I'lffi t.A/PJtiH OF INO(A FX1K WmoiNAR\ LP*«I U MUNICJPAU FINANCE, PROPERTY AjMD TAXATION A MUNttTPAt FINAtfCF.
I und.