Amendment status not verified — confirm the current text below against the official source.
Annual accounts, audit and financial estimates. – (1) The accounts of the University shall be prepared under the directions of the Executive Council. (2) The auditors appointed by the Executive Council shall audit the accounts of the University at least once in a year: Provided that the State Government shall have the power to direct, whenever considered necessary a special audit of the accounts of the University, including the institutions managed by it by such auditors, as it may specify. (3) The accounts when audited shall be published by the Executive Council and a copy of the accounts together with the audit report shall be placed before the Executive Council and also shall be submitted to the Chancellor and the State Government. (4) The annual accounts shall be considered by the General Council at its annual meeting and the General Council may pass resolutions with reference thereto, and communicate the same to the Executive Council. 5) The Executive Council shall consider the suggestions made by the General Council and take such action there on, as it thanks fit and the Executive Council shall inform the General Council at its next meeting with respect to all actions taken by it as also the reasons for not taking action. 25 1 Subs. by Notification No. 43941-1(B)-HE-UM-23/2011/HE dt. 29-12-2011 by Govt. of Odisha, Department of Higher Education. Clause 22(1) before substitution, stood as : “an initial and one time grant of rupees five cores made by the State Government.” (6)The Executive Council shall prepare, before such date as may be prescribed by the regulations, the financial estimates for the ensuring year and place the same before the General Council. (7) The Executive Council may, in case where expenditure in excess of the amount provided in the budget is to be incurred or in cases of urgency, for reasons to be recorded in writing, incur expenditure subject to such restrictions and conditions as may be specified in the regulations and where no provision has been made in the budget in respect, of such excess expenditure, a report shall be made to the General Council at next meeting.