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Annual estimates.
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19.—(1) Not less than three months before the end of each financial year of the Institute, it shall furnish to the Minister a report in writing drawn up in consultation with relevant Ministers—
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(a) outlining its proposed activities (other than day-to-day activities) in the financial year immediately following,
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(b) giving estimates of its expenditure in the last mentioned year in relation to each of these activities, and
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(c) giving estimates of its income in the last said mentioned year,
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and it shall not carry out any of these activities or incur any such expenditure until the report has been approved by the Minister and the Minister for Finance.
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(2) The Institute shall not during any financial year—
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(a) carry on any activity (other than day-to-day activities) not specified in the report under subsection (1) of this section in relation to that year, or
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(b) incur any expenditure in relation to any activity in excess of the estimates of the expenditure given in that report,
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without the prior approval of the Minister and the Minister for Finance.
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