(1) The Executive Officer shall, every year, prepare in the prescribed manner and form a budget estimate of the receipts and expenditure of the endowment and registered trusts for the following year, and place it before the Committee which approve it without modifications or with such modifications as it deems fit. After the approval of the Committee, the budget shall, notwithstanding anything contained in the Public Trusts Act, be submitted to the Charity Commissioner for sanction before such date as may be fixed by the Charity Commissioner in that behalf.
(2) Before sanctioning the budget, the Charity Commissioner shall satisfy himself that adequate provision has been made in the budget for the maintenance of the prescribed working balance in the Temples Fund and for meeting all the liabilities of the endowment and registered trusts. If the budget as submitted to the Charity Commissioner fails to make these provisions, the Charity Commissioner may modify any part of the budget so as to ensure that such provisions are made. The decision of the Charity Commissioner sanctioning the budget subject to the modifications, if any, shall be communicated to the Committee at least fifteen days in advance of the commencement of the year to which the budget relates and in the absence of such communication before the end of the preceding financial year, the budget shall be deemed to have been sanctioned in pursuance of this section. Modifications, if any, made by the Charity Commissioner shall be binding on the Committee.