21. (1) The Secretary shall present to the budget meeting of the Board a report on the work of the Board during the last preceding financial year, together with a budget estimate showing in the form prescribed by regulations, the anticipated income and expenditure of the Board during next succeeding financial year. (2) The budget estimate shall, when confirmed by the Board and within such period as may be prescribed by regulations, be forwarded to the Government for approval. Thereupon the Government will approve the budget estimate as submitted by the Board or ¹[it] will make such modifications in it as ²[it] considers necessary after consulting the Chairman.