Annual Budget

(1) The financial estimates of receipts and expenditure of the Institute shall be prepared by the Finance Committee in such manner as may be prescribed by the Statutes. (2) The Board shall consider the estimates prepared by the Finance Committee and approve them with or without modification. (3) The Board may, in urgent cases where expenditure in excess of the amounts provided for in the budget is found to be necessary, for reasons to be recorded in writing, incur such expenditure.