(1)

Budget estimate'D' for the official year commencing on the first day of April, 1950 shall be prepared and placed before the corporation as soon as may be and shall be adopted by the corporation before the expiry of four months from the appointed date.

(2)

It shall be competent for the Commissioner for a period not exceeding four months from the appointed date to incur such expenditure in connection with the municipal government of the suburbs as, having regard to all the provisions of the [Mumbai Municipal Corporation Act] [These words were substituted by Maharashtra 25 of 1996, (w.e.f. 4.9.1996).], he considers necessary and proper, subject to a schedule of authorised expenditure under major heads of account which shall be prescribed by the standing committee:

Provided that such schedule shall cease to operate as soon as the corporation finally adopts budget estimate 'D' for the official year commencing on the first day of April 1950.