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 direction of the Board. (2) The Board shall prepare before such date as may be prescribed the financial estimates for the ensuing year having regard to the Government grants that are likely to be available. (3) The annual accounts and the financial estimates shall be considered by the Board at its annual meeting and pass a resolution adopting the accounts and financial estimates. (4) The annual accounts so adopted shall be submitted to the State Government for audit. (5) (a) The Board shall, after the accounts are audited, submit a copy thereof along with a copy of audit report and the statement of the action taken by the University on the audit report, to the State Government. (b) The State Government shall cause the copy of the accounts and the audit report along with the statement of action taken by the Grants. Annual accounts and financial estimates. 5 of