Preparation and sanction of budget.

Budget and Fund of the Marketing Board

1. (1) The Marketing Board shall prepare and pass the budget of it's income and expenditure for the ensuing year in the prescribed form and shall submit it to the State Marketing Officer for sanction before the prescribed date every year. The State Marketing Officer shall sanction the budget with or without modification within two months from the date of receipt thereof. If the budget is not returned by the State Marketing Officer within two months, it shall be presumed to have been sanctioned by the State Marketing Officer.
2. (2) The Marketing Board may sanction or cause to undertake execution of construction works out of it's fund other than the permanent funds referred to in sub-section (5) of this section on the basis of the plan and designs approved by the Marketing Board: Provided that no expenditure except payment of pension shall be made out of the pension fund.
3. (3) No expenditure shall be incurred by the Marketing Board on any item if there is no provision to that effect in the budget sanctioned thereof unless it can be met by reappropriation from saving under any other head. The sanction for the re-appropriation may be obtained from the State Marketing Officer, provided that, in case of re-appropriation from minor head under one major head, sanction for re-appropriation will not be required.
4. (4) The Marketing Board may, at any time during the year for which any budget has been sanctioned, cause a revised or supplementary budget to be passed and obtain sanction in the same manner as if it is an original budget.
5. (5) The Marketing Board shall make provision in it's budget for crediting the amount into the permanent fund at the rate of twenty percent of it's gross receipts comprising of license fee and market fees and into the pension fund as specified from time to time by the State Marketing Officer. No expenditure from the permanent fund shall be incurred except with the prior approval or as per the direction given by the State Marketing Officer. No expenditure from this fund or from amount as provided under sub-section (2) of section 44 shall be proposed in the budget referred to in sub-section (1).
6. (6) The State Marketing Officer, while according sanction for construction work, may, at his discretion, direct that the execution of the works shall be entrusted to the Public Works Department of the Government or any other agency authorized by the Government for this purpose or to the contractor/s from the approved panel of contractors.