(1) Every trustee or administrator of a trust or endowment shall prepare in Form I, a budget in respect of the next fi nancial year, the estimated receipts and expenditure during that fi nancial year and forward the same to the Board atleast ninety days before the beginning of the fi nancial year.
(2) The Board shall scrutinise the budget proposal and ensure that provision has been made there for the obligatory expenditure.
(3) If the Board is satisfi ed that adequate provision has not been made in the budget, it shall have power to modify it in such manner as may be necessary to secure such provision and approve the Budget before the beginning of the fi nancial year to which it relates.
(4) Every trustee or administrator shall consider the suggestions and incorporate the modifi cation made by the Board in the budget and pass the budget before the beginning of the fi nancial year to which it relates.