Preparation, presentation and sanction of budget of the Board.

(1) The Chairman shall place before the annual meeting of the Board, held in the year following the year in which it is established and before annual meeting thereafter, report on the working of the Board during the preceding financial year together with a budget estimate showing the anticipated income and expenditure of the Board during the financial year in which annual meeting is held. (2) The budget estimate shall, after approval of the Board, be forwarded to the Government within such time as may be prescribed. (3) The Government shall either accord its approval of the Budget estimate or return it to the Board with comments and suggestions, if any for resubmission.