Budget estimates

(1) Within a period of time of three months prior to the commencement of each financial year, the Treasurer of the Medical Council shall prepare and submit to the Medical Council in general meeting for approval, estimates of income receivable and the expenditure to be incurred in the next financial year, including capital expenditure and such other Medical Practice Act 39 additional information and explanations as he may consider necessary. (2) The budget estimates referred to in sub-section (1) shall include allocations for the establishment and maintenance of a reasonable reserve fund. (3) The financial year of the Medical Council shall commence on the first day of April in each year.