(1) The Board shall have prepared and laid before it at a meeting to be held in every year before such date, as may be fixed by rules in this behalf, a complete account of the actual and abstracted receipts and expenditure for the year ending on the 31st day of March next following such date together with a budget estimate of the income and expenditure of the Board for the year commencing on the first day of April next following.
(2) The Board shall at such meeting decide upon the appropriations and the ways and means contained in the budget estimate and sanction the budget which shall be submitted to the State Government or to such authority as the State Government may, by order direct within fifteen days from the date of the meeting in which the budget is passed.
(3) Subject to the like provisions, the Board may vary or alter from time to time, as circumstances may render desirable, the budget sanctioned under sub-section (2).