(1) The committee shall set apart and apply out of the municipal fund-
(a) first, such as may be required for the payment of any amounts falling due on any loan legally contracted by it :
3[(b) secondly, such sum as the committee may be required by the 4[State] Government to contribute towards the cost of such Local Self-Government Board or Inspectorate as the 5[State] Government may establish, for the purpose of advising, assisting and supervising the work of municipal committees and other local bodies :
Provided that such sum shall not exceed an amount equal to one perfect of the income for the financial year preceding the year, in which the committee is called upon to make the contribution]:
6[(c) thirdly, such sum as may be required to meet the charges, of its own establishment, including such subscriptions and contributions as are referred to in Sections 43 and 44, and such sum as may be required for the maintenance of a police establishment under Chapter VI;
7[(d) fourthly, such sum as may be required to pay the expenses incurred in auditing the accounts of the committee, and such portion of the costs of any public expenditure by the 8[Central Government] or the 9[State] Government as may be held by the 10[State] Government to be equitably payable by the committee in return for services rendered to it.
11[(e) fifthly, such sum as the committee may be required by the State Government to contribute toward