Budget of trust or endowment not under direct management of Board.

CHAPTER-VI BUDGET OF TRUST AND ENDOWMENT (1) Every trustee or administrator of trust or endowment shall prepare a budget for the next financial year showing the estimated receipts and expenditure in such form as may be specified. (2) Every trustee or administrator of trust or endowment shall submit such budget at least ninety days before the beginning of the financial year to the Board and shall make adequate provision for the following:- (i) for carrying out the objects of the trust and endowment; (ii) for the protection and maintenance of the properties of trust and endowment; (iii) for discharge of all liabilities and subsisting commitments binding on the trust or endowment under this Act or any other law for the time being in force. (3) For making alterations, omissions or additions in the budget as it may deem fit, the Board may give such direction consistent with the objects of the trust or endowment and the provisions of this Act. (4) If in the financial year, the trustee of trust or administrator of endowment finds it necessary to modify the provision made in the budget in regard to the receipt or to distribution of the amount to be expended under the different heads, he may submit to the Board a supplementary or a revised budget and the provision of sub-section (3) shall, as far as may be, apply to such supplementary or revised budget.