(1) The Board shall on or before the thirty-first day of January in each year, hold a special meeting at which the Chairman of the Board shall submit an estimate of the income and expenditure of the Board for the next financial year in such form as the Government may specify.
(2) A copy of such estimate shall be sent by post or otherwise to each member of the Board so as to reach him not less than ten clear days prior to the date appointed for the special meeting referred to in sub-section (1).
(3) The Board shall consider the estimate at such meeting and may provisionally approve it with or without modification.
(4) The Board shall, on or before the tenth day of February, cause a copy of such estimate as provisionally approved by it, to be sent to the Government.
(5) The Government may sanction the estimate or may return it with remarks and may call for such additional information as it may deem necessary.
(6) When an estimate is returned under sub-section (5), the Board shall proceed to reconsider the estimate with reference to such remarks and shall furnish such additional information as the Government may call for and shall, it necessary, modify or alter the estimate and resubmit it to the Government.
(7) The Government shall sanction the estimate with or without modification.
(8) Where such estimate is not sanctioned by the Government before the commencement of the financial year to which it relates, the Government may authorise the Board to incur such expenditure as may be necessary in the opinion of the Government until such time as the approval of the estimate by the Government is communicated to the Board.