(1)The Executive Officer shall, every year, prepare in the prescribed manner and form a budget estimate of the receipts and expenditure of the endowment and registered trusts for the following year, and place it before the Committee which may approve it without modifications or with such modifications as it deems fit. After the approval of the Committee, the budget shall, notwithstanding anything contained in the Public Trusts Act, be submitted to the Charity Commissioner for sanction before such date as may be fixed by the Charity Commissioner in that behalf.
