(1) The Corporation shall by such date in each financial year as may be prescribed, prepare and submit to the Government for approval an annual financial statement and the programme of work for the succeeding financial year and the Government may, approve such financial statement and the programme of work of the Corporation as submitted by the Corporation or with such variations as the Government thinks fit.
(2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial year in such form and details as may be prescribed.
(3) The Corporation shall be competent to make variations in the approved programme of work in the course of the financial year provided that all such variations and reappropriations out of the sanctioned budget are brought to the notice of the Government by a supplementary financial statement.
(4) A copy of the annual financial statement and the supplementary financial statement, if any, shall be placed before the State Legislature as soon as may be after their receipt by the Government.