Financial Estimates

(1) The Executive Council shall, in consultation with the Finance Committee, prepare before such date as may be prescribed by the regulations, the financial estimates for the ensuing year and place the same before the General Council for the needful. (2) The Executive Council may, in case where the expenditure in excess of the amount provided in the budget is to be incurred or in cases of urgency, for reasons to be recorded in writing, incur expenditure subject to such restrictions and conditions specified in the regulations. Where no provision has been made in the budget in respect of such excess expenditure a report shall be made to the General Council at its next meeting.