Amendment status not verified — confirm the current text below against the official source.
(1) The Annual Accounts of the University shall be prepared under the directions of the Executive Committee. Annual Accounts and Audit (2) The accounts of the University shall, at least once in a yea( be audited by the auditors appointed by the Executive Committee. Provided thatthe Sate Government shall have the power to direct, whenever considered necessary, an audit of the account of the University, including the institutions managed by it, by such auditors, as it may specity. (3) The accounts when audited shall be published by the Executive Committee and a copy of the accounts together with the audit report shall be ptaced before the Goveming Council aM also shall be submitted to the State Government. (4) 24 (1) The AnnualAcrounts shall be considered bythe Governing Council at its annual meeting. The Governing Council may pass resolutions with reference thereto and communicate the same to the Executive Committee. The Executive Commitlee shall consider the suggestions made by the Goveming Council and take such action thereon as it thinks flt. The Executive Committee shall inform the Governing Council at its next meeting all action taken by it or the reasons for not taking action. The Executive Committee shall prepare before such dates as may be prescribed by the regulations, the fi nancial estimatesfor the ensuring year and place the same before the Governing Council. Financial Estlrnates Annual Repoft Execution of Contracts. Eligibility for Adm iss ion of Studenfs. 148 (2) The Executive Committoe may, in case where the expenditure in excess of the amount provided in the budgets is to be incurred or in cases ol urgency, for reasons to be recorded in writing, incur expenditure subiect to such restrictions and conditions specified in the regulations. Where no provision has been made in the budget in respect of such excess expenditure a report shall be made to the Goveming Council at its next meeting.