46.— (1) The Minister shall, as soon as practicable in each financial year, by notice in writing, inform each education and training board of—

(a) its provisional expenditure limit for that financial year, and

(b) its expenditure limit for that financial year as finally determined.

(2) An education and training board shall not, in the performance of its functions, incur expenditure, during any financial year, in excess of the amount determined by the Minister under subsection (1)(b) without the consent of the Minister.

(3) The Minister may at any time vary the amount of expenditure that an education and training board may incur under subsection (1)(b) and where the Minister varies such amount the board concerned shall not, without the consent of the Minister, incur expenditure in excess of that amount.

(4) If at any time a chief executive of an education and training board is of opinion that the board is, as a result of the action, or proposed action, of that board, likely to contravene this section he or she shall so inform the board and the Minister.

(5) Where the Minister considers that an education and training board is likely to contravene this section, he or she may—

(a) direct the members of the board to make, within a specified period, such modifications to the annual service plan as he or she considers appropriate in order to ensure that a contravention of this section does not occur, or

(b) permit the board to incur expenditure in excess of the limit that has been determined under this section.

(6) Where an education and training board, in accordance with subsection (3) or subsection (5)(b), incurs, during a financial year, expenditure in excess of the limit determined under this section, the Minister shall determine how that excess will be reckoned for the purposes of the expenditure limit of the board in the following financial year and that determination may provide that the amount of the excess expenditure shall be deducted from the expenditure limit of that board in the following financial year.

(7) Where an education and training board incurs in a financial year expenditure that is less than the limit determined under this section, the Minister shall determine how that surplus will be reckoned for the purposes of the expenditure limit of the board in the following financial year and that determination may provide that the amount of the surplus shall be added to the expenditure limit of that board in the following financial year.

(8) Where the Minister gives a direction under this section, the education and training board to which the direction is given shall comply with that direction.

(9) The Minister shall, by notice in writing, inform an education and training board of any determination under this section that relates to expenditure by that board.