The Global Open University (Nagaland) Act, 2006State Act of Nagaland · Act 3 of 2006
(1) The annual budget for a financial year shall be prepared by the Finance Committee well before the commencement ofthe iinancial year.
(2) The budget will thereafter be considered by the Executive Council and then M y approved by the Governing Council.
(3) Expenditure in excess of the budget in a financial year in extraordinary circumstances shall be incurred only with the approval of the Executive Council.
(4) Such excess expenditure shall M e r be approved by the Governing Council at the time of approving the annualbudget for the next financial year.