(1) The Chief Administrative Offi cer, shall prepare in Form II before the end of January every year, a budget for the next fi nancial year showing the estimated receipts and expenditure for each of the trust or endowment under the direct management of the Board, and submit it to the Board for its approval.
(2) The Board shall scrutinise the budget proposal and ensure that adequate provision has been made therein for the obligatory expenditure to be incurred under the act.
TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY 3
(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 pass the budget before the beginning of the fi nancial year to which it relates.
(4) If in the course of the year, the Chief Administrative Offi cer fi nd it necessary to alter the fi gures shown in the budget with regard to the receipts or the distribution of the amounts to be expended on the diff erent service undertaken by the Board on behalf of the trust or endowment, a supplemental or revised budget may be framed and got sanctioned.
(5) The Board shall have the right to condone the delay for submission of the budget estimate for suffi cient reasons.