(1) Yearly budget of the Fund shall be drawn so however that the total expenditure does not exceed the estimated receipts from the Government as well as other sources for the first year and in any subsequent year the expenditure shall not exceed (1) 80 per cent of the net estimated receipts on account of Milk Cess (2) Licensing Fee, and (3) Grants and subventions received from the State or Central Government, or from any other organisation or body authorised by the State Government and the amount likely to be in the balance on 31st March, of the previous year:
Provided, however, that for special or exceptional reasons to the satisfaction of the Government such as initiation of new schemes for which assistance from the Government or other financing agencies has been assured, the expenditure in any particular scheme may increase the amount specified above.
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(2) Estimates,—The officer authorised by the Milk Commissioner to receive the amounts on behalf of the Board shall submit every year estimates of receipts for the ensuing year by ithe 30th of September, every year in the statement prescribed by the Milk Commissioner.
(3) The officer authorised by the Chief Executive Officer to withdraw from the Fund shall submit every year estimates of expenditure for the ensuing year in the statement prescribed by the Chief Executive Officer.
(4) In accordance with the Budget Estimates approved by the Board, the Chief Executive Officer shall arrange to place funds at the disposal of the officer authorised to withdraw from the Fund with the local branches of the banks.
CHAPTER VII The Manner of Licensing and Rates of Licensing Fee