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The chairman of the finance committee of the senate and the chairman of the ways and means committee of the assembly and the ranking minority members of each of such committees shall be notified of, and they and/or their representatives shall attend, the hearings on the estimates for the budget and revision thereof made pursuant to section one of article seven of the constitution, and they shall be permitted to make inquiry with respect to such estimates and revision, including all items thereof and all matters and facts relevant thereto. Such inquiry shall be conducted subject to such reasonable regulation as may be prescribed by the governor with a view to facilitating the inquiry without unnecessary delay in the investigation and revision by the governor.