1. No payments shall be made by the executive without first having a budget approved by the RA. For purposes of this Act, the budget shall include only discretionary spending and not tier payment to Linden Lab.
2. The Chancellor shall present, the budget for each term for approval by the Representative Assembly, by posting and notification to the LRA, no later than the thirtieth day of each term.
3. The Representative Assembly may approve the budget as posted, send it back for revision or reject it, within thirty days of posting.
4. Revisions must be made by the Chancellor within 14 days of the response from the RA. Failure by the Chancellor to revise and re-post shall be deemed a rejection of the budget.
5. Failure of the Representative Assembly to revise, reject or approve the budget within thirty days of posting shall be deemed approval as posted.
6. Changes in the budget in excess of 10% of the total discretionary funds shall be resubmitted to the RA for approval.
