(1) The management, control and administration of every public institution maintained out of Municipal Fund shall vest in the Municipality.
(2) When any public institution 1ms been placed under tho directum management and control of a Municipality all property, etfdr wnents and!
[funds belonging thereto shall be heJd by the Municipality in trust) for tho purposes to which such property, endowments and funds were lawfully appli cable at the time when the institution was so placed:
Provided that the extent of the indepcvU^t authority of the Municipality in respect of any such institution may b- denned by the- Administrator;
Provided further that nothing in this section shall be held to prevent the vesting of any trust-property in the Treasurer of Charitaible Endowments under the Charitable Endowments Act, 1890.
c»l h-N!)
AcquiM i1ion of land.
76. When any land, whether within or without the limits of a municipal area, is required for the purposes of this Regulation, the Administrator may, at the request of the Municipality, take suitable steps under the provisions of any law for the time being in force, to malce such land available to the Municipality and on payment by the Municipality of all such changes as may be determined by the Administrator the land shall vest in the Municipality.
Explanation.—When any land is required for a new street or for the improvement of an existing street the Municipality may request for, in SEC. 1J THE GAZETTE OF INDIA EXTRAORDINARY 3J addition 'to the land to be occupied by the street, the land necessary for the sites of the buildings to be erected on both aides of the street, and such land shall be deemed to be required for the purposes of this Regulation-
77. (I) A Municipality may, subject to rules made in this behalf by the Administrator, transfer by sale, mortgage, lease, gift, exchange or otherwise any property vested in it, not being property held by it on any trust the terms of which are inconsistent with the right so to transfer.
(2) Notwithstanding anything contained in sub-section (2) a Municipality may, with the sanction of the Administrator, transfer to Government any property vesting in the Municipality under section 74 or section 75 but not so as to affect any trust or public rights subject to which the property is held.
Transfer of property vesting in Municipality.
78. Nothing in this Regulation shall affect the provisions of the Local Authorities Loans Act, 1914.
Saving of Act 9 of 1914.
C. Municipal Taxation
79. For the purposes of this Regulation "annual value" means—
(a) in the case of land, the gross annual rent at \tffilch it may reasonably be expected to let from year to year:
Provided that, in flie case of land assessed to land-revenue or of which the land-revenue has been wholly or in part exempted or remitted, the Administrator may direct that the annual value shall be deemed to be double the amount of the land-revenue for the time be*ng assessed on the land, whether such assessment is leviable or not, or, when the land-revenue hag been wholly or in part exempted or remitted, double the amount which, but for such exemption or remission, would have been leviable; !
(b) in the case of any house or building, the gross annual rent at which such house or building, together with î s appurtenances and any furniture that may be let for use or enjoyment therewith, may reasonably be expected to let from year to year subject to the following deductions, namely:—.
(i) auch deduction not exceeding twenty per centum of i-he gross annual rent as the Municipality may consider a reasonable allowance an account of the furniture let with the house or building;
(ti) a deduction of ten per centum of the balance of the gross annual rent after allowing the deduction., (if any) under subclause ,(/) for cost of repairs and for all other expenses necessary to maintain the building in a state td ocntmwmd.-cuch; gppsB annual rent;
(iii)where land is let with a building, such deduction, not exceeding twenty per centum of the gross annual rent, as the Municipality may coi Bider reasonable on account of the actual expenditure, (if any) annually incurred by the owner on the upkeep of the land in a state to command such gross annual rent;
Definition of "anaual 34 THE GAZETTE OF INDJA EXTRAORDINARY [PART H-~
(c) in the case of any house or building the gross annual rent of which cannot be determined under clause (b) five per centum of the sum obtained by adding the estimated present cosi of erecting the building less such amount as the Municipality may deem reasonable to be deducted on account of depreciation (if any) to ihe estimated market value of (he site and any land appertaining to the house or building;
Provided that—
(i) in the calculation of the annual value of any premises, no account shall be taken of any machinery thereon; and (H) where, in the opinion of 'he Municipality, the annual value of any building would, by reason of exceptional circumstances, be excessive, if calculated in accordance wifh the foregoing provisions of this section, the Municipality may fix the annual value at such less amount as appears t0 if equitable.
Explanation I.— For the purposes of clause (b), it is immaterial whether the house or buildins, and the furniture and the land let for use or enjoyrai nt therewith, arc let bv the same amiivetor by different contracts and, if by different contracte, whether such contracts are made simultaneously or at different t/ma*.
Explanation II.—The expression "gross annual renf docs not include any tax payable by the owner in respect of which the owner and (enant have agreed that i* shall be paid by the tenant.
Taxes which may be imposed.