(1) The Authority shall before the commencement of and may at any time during a financial year, prepare statement or a supplementary statement, as the case may be, of programme of its activities during the year as well as financial estimates in respect thereof and the same shall be submitted to the State Government in such manner in such form and by such dates as the State Government may by general or special order direct, for the previous approval of the State Government:
Provided that in the event of such previous approval not being received before the commencement of the financial year for which such financial statement has been submitted the Authority shall be entitled to expend on all accounts up to an amount not exceeding the amount approved for the corresponding period of the previous financial year and such amount shall not include any sum spent out of the grants and subventions during the said period.
(2) The Authority shall cause to be maintained such proper books of account and other books in relation to its accounts and prepare the balance sheet in such form and manner as the regulations may require,