Annual accounts and financial estimates.

(1) The annual accounts of the University shall be prepared under the direction of the Syndicate and shall be submitted to the State Government for audit. (2) The Syndicate shall, after the accounts are audited, submit a copy thereof along with a copy of the audit report to the Senate and to the State Government. (3) The Syndicate shall also prepare, before such date as may be prescribed by the statues, the financial estimates for the ensuing year. (4) The annual accounts and the financial estimates shall be considered by the Senate at its annual meeting and the Senate may pass resolutions with reference thereto and communicate the same to the Syndicate which shall take them into consideration and take such action thereon as it thinks fit; and finally adopt the account and financial estimates. The Syndicate shall inform the Senate at its next meeting of the action taken by it or of its reasons for taking no action.