(1) Every Committee shall prepare and pass the budget of its income and expenditure for the ensuing year in such manner and in such form and within such period as may be prescribed and shall submit it to the Managing Director of the Board and the Managing Director shall place the same before the Board for approval. The Board shall approve the budget with or without modification within two months from the date of receipt thereof. If the budget is not returned by the Managing Director within two months, it shall be deemed to have been approved.
(2) A Committee at any time during the year for which any budget has been sanctioned, cause a revised or supplementary budget to be passed and sanction in the same manner as if it were an original budget.
(3) No expenditure shall be incurred by a Committee on any item if there is no provision in the sanctioned budget thereof unless it can be met by re-appropriation from saving under any other head. The sanction for reappropriation may be obtained from the Board provided that in case of reappropriation from minor heads under one major head, sanction for reappropriation shall not be required.