Amendment status not verified — confirm the current text below against the official source.
(1) The annual budget for a financial year shall be prepared by the Finance Committee well before the commencement ofthe iinancial year. (2) The budget will thereafter be considered by the Executive Council and then M y approved by the Governing Council. (3) Expenditure in excess of the budget in a financial year in extraordinary circumstances shall be incurred only with the approval of the Executive Council. (4) Such excess expenditure shall M e r be approved by the Governing Council at the time of approving the annualbudget for the next financial year. Execution of contracts