8. Budget of Board    (1) The budget estimates for each financial year shall be prepared and laid before the Board on or before the 1st day of December of the: previous financial year and, after it is approved by the Board, shall be forwarded to the Lt. Governor for approval on or before the 15th December. The Lt. Governor shall approve of the budget before the 15th January after making such amendments and alternations as he considers necessary. (2) The budget, thus amended or altered and approved shall constitute the budget of the Board for the ensuing financial year and shall be issued under the seal of the Board and signed by the Officer or Officers of the Board duly authorised in this behalf. An authenticated copy of the budget shall be forwarded to the Lt. Governor, before the 28th February.