Financial estimates-(1) The Finance Officer shall prepare before such date

as may be prescribed by the Statutes the financial estimates for the ensuing financial year along with the annual accounts whether audited or not, of the preceding financial year and after they are considered by the Financial Committee submit them to the Executive Council for approval.

1. (2) The Sponsoring Institution shall fix the block grant for the University normally for a period of five years: Provided that any liability which the University may have incurred with the approval of the Sponsoring Institution and which was not envisaged at the time of fixing the block grant shall in addition to the block grant, be reimbursed.