Section 138A. Finance Commission

1[138-A. (1) The Finance Commission shall review the financial position of the corporation and make recommendations to the Governor as to,-- (a) the principal which should govern-- (i) the distribution between the State and the 2[Corporation] of the new proceeds of the taxes, duties, tolls and fees leviable by the State which may be divided between them and allocation of share or such proceeds to the Corporations ; (ii) the determination of the taxes, duties, tolls and fees which may be to assigned appropriated by the 2[Corporation] ; (iii) the grants-in-aid to the 2[Corporation] from the Consolidated Fund of the State ; (b) the measures needed to improve the financial position of the Corporation ; (c) any other matter referred to the Finance Commission by the Governor in the interest of sound finance of the 2[Corporation]. (2) Every recommendation of the Finance Commission made under sub-section (1) shall together with an explanatory memorandum as to the action taken thereon, be laid before both the Houses of the State Legislature.