(1) Subject to the rules made under this Act, the estimates of the annual income and expenditure of the Board in the prescribed form for the ensuing year shall be prepared and passed by the Board and submitted every year, not later than the prescribed date, to the Government for its approval.
(2) The Government may approve the budget of the Board as it is or with such alterations or modifications as it may think fit and the budget so approved by the Government shall be the budget of the Board for the year.
(3) The budget, as approved by the Government, shall be returned to the Board within two months from the date of the receipt thereof and if it is not so returned within tow months, it shall be presumed that the budget, as presented by the Board, has been duly approved by the Government.