Financial estimates

Financial estimates 52.

1. (1) The annual budget for a financial year shall be prepared by the Finance Committee well before the commencement of the financial year.
2. (2) The budget will thereafter be considered by the Executive Council and then duly approved by the Governing Council.
3. (3) Expenditure in excess of the budget in a financial year in extraordinary circumstances shall be incurred only with the approval of the Executive Council.
4. (4) Such excess expenditure shall later be approved by the Governing Council at the time of approving the annual budget for the next financial year.