Board's submission of Budget to State Government for approval.

(1) Every budget sanctioned by the Board shall be submitted to the State Government for approval. Within such time as may be prescribed, the State Government may approve the budget as sanctioned by the Board or return it to the Board. (2) Where a budget is returned to the Board by the State Government for making any modifications therein, the Board shall forthwith make such modifications and submit the budget so modified to the State Government, which may then approve the same.