(1) Every Village Council shall, at such time and in such manner as may be prescribed, prepare in each year, a budget of its estimated receipts and disbursement for the following year and shall submit the budget to the Island Council having jurisdiction over the area ofthe Village Council.
(2) The lsland Council may, within thirty days either approve the budget or return it to the Village Council for such modification as it may direct.
(3) If any ~nodifications are made under sub-section (2) , the budget shall be resubmitted to the Island Council within fifteen days.
(4) No expenditure shall be incurred unless the budget is approved by the Island Council:
Providedthat if the Island Council fails to convey its approval within thirty days of submission or re-submission, the budget shall be deemed to have been approved.