Section 120
Section 120 of the Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008). All Sinking Funds established under this Act shall be subject to annual examination by the Auditor appointed under section 92 who shall ascertain whether the cash and the value of securities belonging to such Sinking funds are equal to the amount which should be at the credit of such Sinking Funds,
( 1 ) All Sinking Funds established under this Act shall be subject to annual examination by the Auditor appointed under section 92 who shall ascertain whether the cash and the value of securities belonging to such Sinking funds are equal to the amount which should be at the credit of such Sinking Funds, had the investment under section 115 been regularly made and had the interest accruing from such investments been regularly obtained.
(2) The amount which should be at the credit of a Sinking Fund shall be calculated on the basis of the sums paid into such Sinking Fund under section 112. In (3) The value of securities belonging to a Sinking Fund shall be the current value of such securities unless such securities become due for redemption at par with, or above, their face value before maturity in which case their current value shall be taken as their redemption value, except in the case of the debentures issued by the Municipality which shall always be valued at par with their face value, provided the Municipality shall make good immediately any loss owing to the sale of such debentures for repayment of the loan raised under sub-section (1) of section 109.
(4) The Municipality shall forthwith pay into a Sinking Fund such amount as the Auditor appointed under section 92 may certify to be deficit in respect of such Sinking Fund, unless the State Government specially sanctions a gradual readjustment of such deficit.
(5) If the cash and the value of the securities at the credit of a Sinking Fund are in excess of the amount which should be at the credit of such Sinking Fund, the Auditor appointed under section 92 shall certify the amount of such excess sum, and the Municipality shall, thereupon, transfer the excess sum into the Municipal Fund General Account.
(6) If any dispute arises as to the accuracy of any deficit or excess referred to in the certificate under sub-section (4) or sub-section (5), the Municipality may, after payment of such deficit or after transfer of such excess" as the case may be, refer the matter to the State Government whose decision thereon shall be final.
Section 120, The Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008) (Act 4 of 2008).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 120
How do I find court cases under Section 120 of the Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008)?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008) 120, section 120 Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008), section 120 of the Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 120 of the Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008), and has it changed?
Its own text turns on section 109, section 112, section 115, so none of them can safely be read on its own.
When was the Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008) enacted?
Arunachal Pradesh Municipal Act, 2Oo7 (Act No.4 of 2008) was enacted in 2008 as Act 4 of 2008. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Read from the Government's own scanned gazette with Azure Document Intelligence, then split into sections by their numbering. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/8342ee79-1a06-4377-85ff-be178b2c9d09.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/82e28fee-0fa8-4c5c-a43a-af549eccb9a8/content). This page is not a substitute for legal advice.