Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any Act, or in any Statute, Ordinance or Regulation made thereunder, every University shall submit a budget showing its estimated receipts and disbursements for the following year, to the State Government immediately after the same is finalised by the University at a meeting specially convened for the purpose. (2) A University may submit a supplementary budget at any time within the financial year to the State Government. (3) Notwithstanding anything contained in sub-section (1) or sub-section (2), the State Government may authorise a University to incur any expenditure not forming part of its budget or supplementary budget, as the State Government considers necessary. Explanation.-For the purpose of this section, 'financial year' means the year ending on the 31st day of March. Inquiry into the affairs of the university or college. Submission of Budget.