(1) Every Island Council shall at such tirrie and in such manner as may be prescribed Budgel of the prepare in each financial year a budget of its estimated receipts and disbursements for the Island Council following financial year and submit the budget to the Deputy Commissioner.
(2) The Deputy Commissicner shall, within thirty days either approve the budget or return it to the Island Council for such modifications as he may direct.
(3) If any modifications are made under sub-section (2), the budget shall be resubmitted to the Deputy Commissioner within fifteen days.
(4) No expenditure shall be incurred unless the budget is approved or deemed to have been approved by the Deputy Commissioner:
Provided that if the Deputy Commissioner fails to convey his approval within thirty days of submission or re-submission, the budget shall be deemed to have been approved.
1 (5) The Island Council may prepare in each financial year a supplementary estimate 1 providing for any modification of its budget and may submit it to the Deputy Commissioner ! for approval within such period and in such manner as may be prescribed.