Amendment status not verified — confirm the current text below against the official source.
(1) The financial estimates and the annual accounts of the University may be prepared by the Vice-Chancellor and got approved by the Executive Council, before the financial year commences. No expenditure shall be incurred unless the budget is approved by the Executive Council. (2) The accounts of the University shall, at least once in a year, be audited by auditors appointed by the Executive Council. (3) The accounts when audited shall be printed by the Executive Council and a copy of the accounts together with the audit report shall be submitted to the Chancellor and to the Government. (4) The financial estimates, the annual accounts and the audit report together with the comments of the Executive Council thereon shall be laid before the General Council at its next meeting.