(1) The Corporation shall, by such date in each year as may be prescribed, prepare and submit to the State Government for approving the budget for the succeeding financial year showing the estimated receipts and expenditure during the succeeding financial year in such form and detail as may be prescribed.
(2) The Corporation may sanction any re-appropriation within the grant from one head of expenditure to another or from a provision made for one work to that in respect of another, subject to the condition that the aggregate of the grant is not exceeded.
(3) The Corporation may, with the prior approval of the State Government, incur expenditure within such limits and subject to such conditions as may be prescribed, in excess of the limit provided in the budget approved by the State Government under any head of expenditure or in connection with any particular work:
Provided that all such expenditures are brought to the notice of the State Government by a supplementary financial statement.
(4) A copy of the budget and the supplementary financial statement, if any, shall be placed before the State Legislature, as soon as may be, after the approval of the budget and receipt of the supplementary financial statement by the State Government.