(1) Every Corporation shall, by such date in each year as may be prescribed, prepare and submit to the State Government for approval a budget for next financial year showing the estimated receipts and expenditure during that financial year in such form as may be prescribed.
(2) Subject to the provisions of sub-sections (3) and (4), no sum shall be expended by or on behalf of a Corporation unless the expenditure of the same is covered by a current budget grant approved by the State Government.
(3) [Subject to such conditions and restrictions as may be specified in this behalf by the State Government, a Corporation may sanction] any re-appropriation within the grant from one head of the expenditure to another or from a provision made for one scheme to that in respect of another, subject to the condition that the aggregate budget grant is not exceeded.
(4) A Corporation may, within such limits and subject to such conditions as may be prescribed, incur expenditure in excess of the limit provided in the budget approved by the State Government under any head of expenditure or in connection with any particular scheme.