Annual financial estimate.

(1) The annual financial estimates of the University for the ensuing financial year shall be prepared under the direction of the Board of Management, at least five months before the commencement of the financial year.

(2) The financial year of the University shall be the same as that of the State Government.

(3) The financial estimates shall be submitted to the Board of Management for its approval.

(4) The Board of Management shall thereafter forward the copies of the financial estimates to the State Government.