52. (1) There shall be formed a fund for the Corporation which shall be known as the Corporation Fund. (2) To the credit of the Corporation Fund formed under sub-section (1) shall be placed- (a) the proceeds of all taxes, rates, cesses, tolls, fees and other charges levied by the Corporation under this Ordinance; (b) all rents and profits payable or accruing to the Corporation from the property vested in or managed by the Corporation; (c) all sums received by the Corporation in the performance of its functions under this Ordinance or under any other law for the time being in force; (d) all sums contributed by individuals or institutions or other local authorities; (e) all receipts accruing from the trusts placed under the management of the Corporation; (f) all grants made by the Government or other authorities; (g) all loans raised and all profits accruing from investments; and (h) such proceeds from such sources of income as the Government may direct to be placed at the disposal of the Corporation.

53. (1) The moneys credited to the Corporation Fund shall be kept in a Bank transacting the business of a Government Treasury or in such other manner as may be specified by the Government from time to time. (2) The Corporation may invest any portion of the Corporation Fund in such manner as may be prescribed. (3) The Corporation may, and if required by the Government shall, establish and maintain a separate fund for any special purpose, which shall be administered and regulated in such manner as may be prescribed.

54. The moneys credited from time to time to the Corporation Fund shall be applied in the following order of preference:- firstly, in the payment of salaries and allowances to the Chief Executive Officer and other officers and employees of the Corporation; secondly, in the repayment of loans; thirdly, in meeting the expenditure charged on the Corporation Fund under this Ordinance; fourthly, in the fulfilment of any obligation and in the discharge of any duty imposed on the Corporation under this Ordinance or under any other law for the time being in force; fifthly, in meeting the expenditure declared by the Corporation, with the previous sanction of the Government, to be an appropriate charge on the Corporation Fund; andSixthly, in meeting the expenditure declared by the Government to be an appropriate charge on the Corporation Fund.

55. (1) The following expenditure shall be charged on the Corporation Fund, namely:-(a) all sums to be paid to, or in connection with the employment of, the Chief Executive Officer and other officers and employees of the Corporation and any Government servant who is or has been in the service of the Corporation;(b) such sums as the Corporation may be required by the Government to contribute towards the conduct of elections, the auditing of accounts and such other matters as may, from time to time, be specified by the Government;(c) any sum required to satisfy any judgement, decree or award against the Corporation by any Court or tribunal; and (d) any expenditure declared by the Government to be so charged. (2) If any expenditure charged on the Corporation Fund is not paid, the Government may, by order, direct the person or persons having the custody of the Corporation Fund to pay such amount or so much thereof as may, from time to time, be possible, from the balance of the Corporation Fund.

56. No payment of any sum out of the Corporation Fund shall be made unless the expenditure of the same is covered by a current budget grant and a sufficient balance of such budget grant is still available: Provided that this section shall not apply to payments made under section 55.

57. (1) On a written requisition from the Government, the Mayor may at any time undertake the execution of any work which may be urgently required in the interest of public service, and for this purpose may temporarily make payments from the Corporation Fund so far as the sum can be met without unduly interfering with the regular working of the Corporation administration (2) The cost of all works so executed and all the establishments engaged in executing the same shall be paid by the Government and credited to the Corporation Fund. (3) On receipt of any requisition under sub-section (1), the Mayor shall report to the Corporation the steps taken by him in pursuance of the same.

58. (1) The Corporation shall, in the prescribed manner, prepare and sanction, before the first day of June each year, a statement of its estimated receipts and expenditure for the next ensuing financial year, hereinafter referred to as the budget, and forward a copy thereof to the Government. (2) If the budget is not prepared or sanctioned by the Corporation before the first day of June as mentioned in sub-section (1), the Government may have the necessary statement prepared and certify it, and such certified statement shall be deemed to be the sanctioned budget of the Corporation. (3) Within thirty days of the receipt of the copy of a budget under sub-section (1), the Government may, by order, modify it, and the budget so modified shall be deemed to be the sanctioned budget of the Corporation. (4) At any time before the expiry of the financial year to which a budget relates, a revised budget for the year may, if necessary, be prepared and sanctioned, and such revised budget shall, so far as may be, be subject to the provisions of this section. (5) Where the Corporation assumes office under this Ordinance for the first time, its budget for the financial year during which it assumes office shall relate to the remaining period of that year, and the other provisions of this section shall mutatis mutandis apply.

59. (1) Accounts of the receipts and expenditure of the Corporation shall be kept in the prescribed manner and form. (2) An annual statement of the accounts shall be prepared after the close of every financial year, and shall be forwarded to the Government by the thirty-first December of the following financial year. (3) A copy of the annual statement of accounts shall be placed at a conspicuous place in the office of the Corporation for public inspection, and all objections or suggestions concerning such accounts received from the public shall be considered by the Corporation and brought to the notice of the audit authority referred to in section 60.

60. (1) The accounts of the Corporation shall be audited every year by the Comptroller and Auditor-General of Bangladesh (hereinafter in this section referred to as the Auditor-General) in such manner as he deems fit. (2) For the purpose of an audit under sub-section (1), the Auditor-General or any person authorised by him in that behalf shall have access to all records, books, vouchers, documents, cash, stamps, securities, stores and other property of the Corporation and may examine the Mayor, ¹[* * *] any Commissioner, the Chief Executive Officer or any other officer or employee of the Corporation. (3) On the completion of the audit, the Auditor-General shall submit to the Government an audit report which shall, among other things, mention-(a) cases of embezzlement;(b) cases of loss, waste or misappropriation of the Corporation Fund;(c) cases of other irregularities in the maintenance of accounts; and (d) the names of the persons who, in his opinion, are directly or indirectly responsible for such embezzlement, loss, waste, misappropriation or irregularities. (4) The Auditor-General shall send to the Corporation a copy of the audit report submitted by him to the Government under sub-section (3). (5) The Corporation shall forthwith remedy any defects or irregularities that may be pointed out by the Auditor-General and shall report to the Government the action taken by it. (6) The Corporation shall publish the audit report with its replies to each item thereof within three months of the receipt by it of the copy thereof and shall make the same available for sale to the public.

61. (1) Subject to the provisions of this Ordinance, the rules, the Local Authorities Loans Act, 1914 (IX of 1914), and any other law for the time being in force, the Corporation may with the previous sanction of the Government, raise loans in the prescribed manner, and make suitable arrangements, to the satisfaction of the Government, for the repayment of the loans in such instalments as may be fixed. (2) The Corporation may, and if required by the Government shall, establish and maintain such separate funds as may be necessary for the repayment of loans, and the Government may, among other things, require that any specified item of income of the Corporation shall wholly or in part be earmarked for and apply in the repayment of loans.

62. (1) The Government may by rules-(a) provide for the management, maintenance, improvement and development of the property belonging to or vesting in the Corporation;(b) regulate the alienation of such property; and(c) provide for the compulsory acquisition of such immovable property as may be required by the Corporation for the purposes of this Ordinance. (2) The Corporation may-(a) manage, maintain, inspect, develop or improve any property which is owned by or vests in it or which is placed under its charge;(b) apply such property for the purposes of this Ordinance or the rules; and(c) acquire or transfer by grant, gift, sale, mortgage, lease, exchange or otherwise any property with the previous sanction of the Government.

63. The Mayor, ²[* * *] every Commissioner, the Chief Executive Officer and every other officer or employee of the Corporation and every person charged with the administration of the affairs of the Corporation or acting on behalf of the Corporation, shall be liable for the loss, waste or misapplication of any money or property belonging to the Corporation, which is a direct consequence of his negligence or misconduct, and the liability of the Mayor, ³[* * *] the Commissioner, the Chief Executive Officer or other officer or employee or person shall be determined by the Government in the prescribed manner, and the amount for which he is held liable shall be recoverable as a public demand.