FIRST SCHEDULEThe Commonwealth Telecommunications Board
PART IThe Provisions of the Second Schedule to the Commonwealth Telegraphs Agreement with respect to the Commonwealth Telecommunications Board
Financial
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(1)
Prior to the beginning of each financial year the Board shall prepare and approve a budget setting forth the estimates of then-expenditure for that year Estimates of current expenses (which may include a reasonable sum in order to provide a working balance for the year) and capital expenditure shall be shown separately in the budget and shall be sub-divided under appropriate headings
(2)
The Board shall forward a copy of the budget so prepared and approved to each of the National Bodies and the Partner Governments
(3)
The current expenses of the Board shall be defrayed out of the Central Fund in accordance with the budget
(4)
The adoption of the budget in so far as it provides for capital expenditure shall be subject to the approval of the Partner Governments On giving their approval the Partner Governments shall make provision of the requisite funds through the National Bodies