Annual Budget

(1) Before the 31st day of October of each financial year, the Manager shall, in respect of each of the Branches specified in Regulation 3, submit to the Board for its approval the estimates of income and expenditure for the next following financial year. (2) The estimates under paragraph (1) shall be prepared in accordance with financial and accounting orders. (3) The estimates submitted in accordance with the Regulation, when approved by the Board, shall show the income which is expected to be collected and shall set limits to the expenditure which may be incurred under each of the relevant heads. Expenditure shall not be incurred under any head in excess of the limit set for that head without the prior approval of the Board: Provided that expenditure in excess of the limits approved by the Board may be incurred in respect of benefits provided under the Act subject to subsequent ratification by the Board as soon thereafter as possible. (4) If for some special reason the budget estimates submitted to the Board have not been approved by it before the beginning of the financial year to which they relate, the Manager may be authorised by the Board to incur expenditure under the various heads subject to such conditions as it may deem fit to impose until such time as the budget is duly approved. 216 Social Security