Chapter VII UNIVERSITY FUNDS, ETC.

(1) The income from fees realised by, any contribution and endowment received by, and all grants made to, the University, shall form one general fund to be called the "General Fund of the University" and all moneys so realised and received shall be credited to it.

(2) The University may have such other funds and shall maintain such accounts in respect of every fund as may be prescribed.

The Board shall constitute a Finance Committee consisting of the following persons namely:-

(a) the Vice-Chancellor;

(b) [Omitted];

(c) the Comptroller;

(d) two members chosen by the Board from among its members.

(2) The Finance Committee shall have the following powers and duties, namely:-

(a) to examine the accounts of the University and its annual budget estimates and to advise the Board in respect thereof;

(b) to review the financial position of the University from time to time ; and

(c) to make recommendations to the Board on all proposals involving expenditure, for which no provision or inadequate provision has been made in the budget, or in excess of the budget provision.

(1) The annual accounts shall be submitted by the Board to the Government who shall cause an audit to be made by such persons as the Government may appoint in this behalf.

(2) The accounts when audited shall be printed and copies thereof shall, together with the copies of the audit report, be submitted by the Board to the Government with its comments. The Government shall cause the audit report together with the comments of the Board to be laid before each House of the State Legislature.