(1) Every local board shall submit annually to the district board of its district, on or before such date as the district board may appoint in this behalf, a statement of the requirements, and an estimate of the probable expenditure, of the local board for the coming financial year, and shall submit, as often as the district board may require, accounts of its receipts and expenditure.
     (2) The district board shall signify in. writing to the local board its approval or disapproval of an estimate submitted under this section, and powers similar to those conferred on the Deputy Commissioner and Commissioner by section 39, clauses, (5) and (6), shall be exercised, in regard to the estimate, by the district board and the Deputy Commissioner, or (when the Deputy Commissioner is a member of the district board) the Commissioner, respectively
     Provided that, during the currency of any financial year, the Deputy Commissioner may sanction transfers of provision within the estimate finally' approved, when inconvenience or undue delay would be caused by a previous reference to the district board.
     (3) The district board shall make arrangements, subject to the approval of the Deputy Commissioner, for the examination and. audit of accounts submitted to it under this section, and may arrange for the publication of such accounts.