No. 12 Media Services 2016 borrow money for the purposes of the Board by way of loan or overdraft and upon such security and such terms and conditions relating to repayment of the principal and payment of interest, subject to any direction given by the Minister. Annual and supplementary budget 46.-(1) The first financial year of the Board shall commence on the date when the Act comes into operation and may be of a period longer or shorter than twelve months. (2) The Board shall, convene a meeting to pass a detailed budget of the amounts(a) expected to be received; or (b) expected to be disbursed, by the Board during that financial year, and whenever circumstances so require, the Board may pass a supplementary budget in any financial year. (3) The annual budget and every supplementary budget shall be in such form as the Minister may approve. (4) Upon passing of any budget or any supplementary budget, the Board shall submit to the Minister for approval the annual budget or the supplementary budget, as the case may be. (5) The Minister shall, upon receipt of the annual budget or any supplementary budget, approve or disapprove it, or may approve it subject to any amendments which he may deem fit. (6) Where the Minister approves any annual or supplementary budget, with or without amendment, the Board shall confine disbursements by the Board within the items and amounts contained in the applicable estimates as approved by the Minister. (7) The Board may(a) with the written sanction of the Minister, make a disbursement notwithstanding that, the disbursement is not provided for in any budget; and 32