(1) The budget estimates of the Authority for every financial year shall be prepared by the Chairperson or such employee of the Authority as may be authorized by the Chairperson in this behalf, in Forms-V to IX.
(2) A copy of the budget estimates so prepared shall be sent to each member at least fourteen days before the meeting of the Authority at which such estimates are to be considered.
(3) The Authority shall consider and sanction the budget estimates with such changes as it thinks fit at the meeting fixed for the purpose or at any other meeting to which the consideration of the budget estimates is adjourned.
(4) The budget estimates prepared by the Authority shall be forwarded to the State Government by the fifteenth day of October of the financial year preceding the financial year to which the consideration of the budget estimates relate:
Provided that the State Government may at the request of the Authority fix such later date, but not beyond the 31* day of December, as the Government thinks fit.