(1) A statutory body shall, 3 months before the commencement of each financial year of that statutory body, submit to the appropriate Minister for his or her approval, estimates of its recurrent and capital expenditure and the financing thereof for that year in such form as the Minister directs.
(2) The appropriate Minister shall, before the commencement of each financial year, submit to the Minister for approval the estimates of recurrent and capital expenditure and the financing thereof in respect of each statutory body falling under his or her portfolio.
(3) A statutory body shall, whenever the appropriate Minister or the Minister directs, furnish any further information in relation to its estimates of recurrent and capital expenditure and the financing thereof as may be required.
(4) The estimates of recurrent and capital expenditure and the financing thereof as approved by the Minister shall not be altered without the approval of the Minister.
(5) The appropriate Minister shall lay the estimates approved by the Minister under subsection (2), before Parliament at its next sitting following the receipt of such estimates.