(1) The Board shall have prepared and laid before it at a meeting to be held in every year before such date as may be prescribed a complete account of the actual and abstracted receipts and expenditure for the year ending on the 31st day of March next following such date together with a budget estimate of the income and expenditure of the Board for the year commencing on the first day of April next following.
(2) The Board shall at such meeting decide upon the appropriations and ways and means contained in the budget estimate and pass the budget which shall be submitted to the State Government or to such other authority as the State Government may by order direct within fifteen days from the date of the meeting in which the budget is passed.
(3) If the State Government is satisfied that adequate provision has not been made therein for giving effect to the provisions of this Act, it shall have the power to suggest such modifications as may be necessary to secure such provision and return the budget to the Board with its observations regarding the modifications to be made therein. The Board shall consider such observations and pass the budget with such modifications as it deems necessary.
(4) If in the course of a year the Board finds it necessary to modify the figures shown in the budget with regard to its receipts or to the distribution of the amounts to be expended for the purposes of this Act, a supplementary budget may be prepared, passed, submitted and modified in the manner provided in sub- sections (1), (2) and (3).
(5) As soon as may be after the first day of October every year, the revised budget for the year shall be framed and such revised budget shall, so far as may be, be subject to all the provisions of the foregoing sub-sections applicable to a budget.