Major Port Trusts Act,1963
Act No : 38
Section :
Budget estimates.
98. Budget estimates. (1) A Board shall, on or before the thirty- first day of January in each year, hold a special meeting at which the Chairman of the Board shall submit an estimate of the income and expenditure of the Board for the next financial year, in such form as the Central Government may specify. ---------------------------------------------------------------------- 1. Subs. by Act 17 of 1982, s. 15, for the former proviso (w.e.f. 31.5.1982). 2. Subs. by s. 15, ibid. for certain words (w.e.f. 31.5.1982). 3. Ins. by s. 15, ibid. (w.e.f. 31.5.1982). 4. Certain words omitted by Act 23 of 1992, s. 8 (w.e.f. 12.8.1992) 685 (2) A copy of such estimates shall be sent by post or otherwise to each Trustee so as to reach him not less than ten clear days prior to the date appointed for the special meeting referred to in sub- section (1). (3) The Board shall consider the estimate at such meeting and may provisionally approve of it with or without modifications. (4) The Board shall, on or before the tenth day of February, cause a copy of such estimate as provisionally approved by it, to be sent to the Central Government. (5) The Central Government may sanction the estimate or may return it with remarks and may call for such additional information as it may deem necessary. (6) When an estimate is returned under sub-section (5), the Board shall proceed to reconsider the estimate with reference to such remarks and shall furnish such additional information as the Central Government may call for and shall, if necessary, modify or alter the estimate and resubmit it to the Central Government. (7) The Central Government shall sanction the estimate with or without modifications. (8) Where any such estimate is not sanctioned by the Central Government before the commencement of the financial year to which it relates, the Central Government may authorise the Board to incur such expenditure as may be necessary in the opinion of the Central Government until such time as the approval of the estimate by the Central Government is communicated to the Board.
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