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.