Budget

(1) (a) The Association shall have prepared annually or on before such date and in such form and manner, as may be prescribed, a budget for the next financial year, showing the estimated receipts and expenditure. (b) The Association shall, as soon as may be after the said date, consider the budget estimate so prepared and approve the same subject to such modification as it may make.

(2) Except in the case of emergency, no sum shall be expended by or on behalf of the Association unless the expenditure is covered by provision in the budget as approved.