Financial Estimates

(1) The Board of Management shall prepare the Financial Estimates as may be prescribed by regulations for the ensuring year and place the same before the Board of Governors. (2) The Board of Management may, in case where the expenditures to be incurred are in excess of the amount provided in the budgets or in case of urgency, for reason to be recorded in writing, incur expenditure subject to such restrictions and conditions as specified in the regulations. Where no provision has been made in the budget in respect of such excess expenditure, a report shall be made to the Board of Governors at its next meeting.