(1) The Board shall submit latest by 15th November every year their annual budget showing estimates of receipts and disbursements for the following year, to the State Government immediately after the same has been finalized by the Board at a meeting specially convened for this purpose.
(2) The Board may also submit a revised budget by 30th November within the financial year to the State Government for approval.
(3) Notwithstanding anything contained in sub-section (1) or sub-section (2) of this section the State Government may authorize the Board to incur expenditure not forming a part of its budget or revised budget considering the urgency of a situation as may be determined by the State Government.