Section 39. Submission of budget to Corporation.

(1) The Executive Director of the Corporation, with the prior approval of the Managing Director, shall, at a special meeting to be held in the month of October in each year, lay before the Corporation the budget estimates of the Corporation for the next year. (2 Every such budget estimates shall be prepared in such form as the State Government may, from time to time, by order, determine and shall provide for,- (i) the proposals, plans and projects which the Corporation proposes to execute either in part or in whole during the next year ; (ii) the due fulfillment of all the liabilities of the Corporations ; and (iii) the implementation of the provisions of this Act ; and such estimates shall contain a Statement showing the estimated income and expenditure on capital and revenue accounts for the next year and such other particulars, indicating the financial performance of the Corporation, as the State Government may direct. The budget shall clearly reveal the financial outlay and performance.