Estimates of income and expenditure of the Board to be laid annually and considered by the Board

(1) The Chairman shall, at a special meeting to be held in the month of February in each year, lay before the Board an estimate of the income and expenditure of the Board for the next ensuing year. (2) Every such estimates shall make provision for the due fulfillment of all the liabilities of the Board and for the efficient administration of this Act. (3) Every such estimate shall differentiate capital and revenue funds, and shall be prepared in such form and shall contain such details, as the Board may, from time to time, specify. (4) Every such estimate shall be compiled and a copy thereof sent, by post or otherwise, to each Director atleast ten clear days before the date of the meeting at which the estimate is to be laid before the Board. (5) A revised estimate, if any, including all the expenditure not covered in the original budget estimate shall be laid before the Board at a special meeting to be held in the month of December, in each year. (6) The Board shall consider every estimate so laid before it and shall sanction the same, either without modifications or with such modifications as it may think fit. (2) The Managing Director or any officer of the Board authorised in writing in this behalf may sign on behalf of the Board any agreement or other instrument to be executed on behalf of the Board.