Common use of Preparation and Approval Clause in Contracts

Preparation and Approval. 6.1.1 In respect of each Financial Year, the Executive Managers shall prepare drafts of the business plan for the Group (which shall cover the relevant Financial Year and four subsequent Financial Years) and budget for the Group (which shall cover the relevant Financial Year) and present them to the Board for consideration by no later than two months prior to the commencement of the relevant Financial Year. 6.1.2 The Board shall consider the draft business plan and draft budget submitted in accordance with clause 6.1.1 at the next Board meeting. The Board may approve the draft business plan and draft budget in the form submitted or with such amendments as it may approve at such Board meeting. Upon such approval by the Board, the draft business plan and draft budget shall constitute the Business Plan and Budget.