Section 38, Act, 2002 (Act No 12 0f 2002);

(1) The Managing-Director – (a) shall, not later than 3 months before the end of each financial year, prepare and submit to the Board for approval, estimates of income and expenditure of the Company for the ensuing financial year; and (b) may, at any time before the end of the financial year, prepare and submit to the Board for approval, supplementary estimates of the current year. (2) No expenditure shall be made out of funds of the Company unless the expenditure is part of the expenditure approved by the Board under the estimates for the financial year in which that expenditure is to be made or in estimates supplementary to those estimates.