129J.— (1) Within 60 days after the BID approval date, the board of directors of the BID company responsible for a BID scheme shall—

(a) hold a meeting of those directors, and

(b) at that meeting, prepare and adopt a budget for the first chargeable period under the scheme, setting out the matters described in section 129L(1)(a) to (c).

(2) The provisions of section 129L(1)(a) to (c) and (2) apply in respect of the budget to be prepared and adopted for the first chargeable period under subsection (1) of this section and, for this purpose, the references in section 129L(1) and (2) to "next chargeable period" shall be read as "first chargeable period".

(3) The BID company shall within 7 days after the meeting under subsection (1) submit a copy of the adopted budget to the rating authority concerned.]