Common use of Board review of Budget Clause in Contracts

Board review of Budget. The Company’s chief executive shall prepare an income and expenditure Budget in respect of each Financial Year, taking account of the expected revenues from all sources and the planned activities of the Company and the Business Plan. The Budget shall be submitted to the Directors for consideration and approval pursuant to clause 4.4.6 of this Agreement, whereupon it will become the Approved Budget. The review and approval by Directors will consider the proposed priorities and resource allocation put forward by the Company’s chief executive and will be finalised in a manner that the Directors consider best achieves the Primary Objective and the Principles of Operation, taking account of the available funding.

Board review of Budget. The Company’s chief executive shall prepare an income and expenditure Budget in respect of each Financial Year, taking account of the expected revenues from all sources and the planned activities of the Company and the Strategic Business Plan. Such Budget will aim to neither make a profit or a loss over a period defined by the Board but this shall not prevent the Budget aiming to produce such surplus as the Board reasonably considers prudent by way of contingency, whether to build reserves or for other purposes. The Budget shall be submitted to the Directors for consideration and approval pursuant to clause 4.4.6 of this Agreement, whereupon it will become the Approved Budget. The review and approval by Directors will consider the proposed priorities and resource allocation put forward by the Company’s chief executive and will be finalised in a manner that the Directors consider best achieves the Primary Objective and the Principles of Operation, taking account of the available funding.