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(1) The Commission shall, not later than 3 months before the end of each financial year, cause to be prepared and submitted to the Minister for the approval of Parliament, an annual budget in respect of the following financial year comprising estimates of expected recurrent, maintenance, development and capital expenditure of the Commission in that financial year.

(2) The budget shall be in such form as the Minister for Finance may direct.

(3) The Chief Executive shall prepare budget estimates for each financial year and shall present them to the Commission for its approval not later than 5 months before the end of the preceding financial year.

(4) The Chief Executive shall also prepare corporate plans for such periods as the Commission may direct.