(1) After the commencement of this Act the Finance Commission referred to in sub-section (1) of section 107A of the Delhi Municipal Corporation Act, 1957 (66 of 1957), shall review the financial position of the Council and make recommendations to the Administrator as to,--
         (a) the principles which should govern,--
             (i) the distribution between the National Capital Territory of Delhi and the Council of the net proceeds of the taxes, duties, tolls and fees leviable by the National Capital Territory of Delhi which may be divided between them;
             (ii) the determination of the taxes, duties, tolls and fees which may be assigned to or appropriated by, the Council;
             (iii) the grants-in-aid to the Council from the Consolidated Fund of the National Capital Territory of Delhi;
         (b) the measures needed to improve the financial position of the Council,
         (c) any other matter referred to the Finance Commission by the Administrator in the interest of sound finance of the Council.
     (2) The Administrator shall cause every recommendation made by the Commission under this section together within an explanatory memorandum as to the action taken thereon to be laid before the Legislative Assembly of the National Capital Territory of Delhi.