(1) Every Warehousing Corporation shall prepare before the commencement of each year a statement of programme of its activities during the forthcoming year as well as a financial estimate in respect thereof.
     (2) A statement prepared under sub-section (1) shall, not later than three months before the commencement of each year, be submitted for approval--
         (a) in the case of the Central Warehousing Corporation, to the Central Government;
         (b) in the case of a State Warehousing Corporation, to the Central Warehousing Corporation and the State Government.
     (3) The statement and the financial estimate of a Warehousing Corporation referred to in sub-section (1) may, with the approval of the Central Government in the case of the Central Warehousing Corporation, or with the approval of the Central Warehousing Corporation and the State Government in the case of a State Warehousing Corporation, be revised by the Warehousing Corporation.