Delegation of powers

22. The Board may, by resolution, delegate such of its powers and functions to the Managing Director or any other officer of the Nigam as it may deem fit, subject to such conditions and limitations as may be specified in the resolution. (1) The Nigam shall, in respect of every year submit to the State Government a statement of programme of its activities together with a financial statement showing therein the details of the capital estimate, estimated receipt and expenditure of the Nigam for that year. (2) The Nigam may, with the approval of the State Government. (3) The Nigam shall submit each year to the State Government the programme of work and details of the project which are to be executed during the next year. (4) The State Government may, either approve the project or may disapprove it with such modifications as it may deem fit or return it to the Nigam to modify the same or to prepare a fresh project in accordance with such directions as the State Government may think appropriate.