[(1)] The manner in which any payment from the Market Fund shall be made, its accounts shall be kept and audited or re-audited (including powers to be exercised by the auditor in that behalf), its annual, revised or supplementary budget estimate of income and expenditure shall be made (including provision for modifying, annulling or rescinding such budgets) and its annual administration report shall be prepared, shall be prescribed by rules made in that behalf.
[(2) Every Market Committee shall submit the budget to the State Marketing Board for sanction before the prescribed date every year. The State Marketing Board shall sanction the budget with or without modification, as the case may be, within one month from the date of receipt thereof. If the approval or otherwise of the budget is not communicated by the Board within one month of its receipt by it, the budget shall be deemed to have been sanctioned without any modifications.
(3) No expenditure shall be incurred by a Market Committee on any item if there is no provision in the sanctioned budget therefor unless it can be met by reappropriation from saving under any other budget head. The sanction for reappropriation may be obtained from the State Marketing Board:
Provided that, in case of reappropriation from one minor budget head to the other under one major budget head, such sanction for reappropriation shall not be required.
(4) A Market Committee may at anytime during the year for which any budget has been sanctioned, cause a revised or supplementary budget to be passed and sanctioned in the same manner as if it were an original budget.]