Amendment status not verified — confirm the current text below against the official source.
(1) The budget of the University showing the receipt and expenditure of the University on different accounts shall be submitted to the State Government at least three months before the end of the financial year for approval. (2) The State Government, may from time to time, release grants to the University to incur expenditure till the budget is approved. (3) Notwithstanding anything to the contrary contained in this Act, the University shall not, except with the prior approval of the State Government, incur any expenditure on any amount in excess of amount specified in the budget on that account.