Annual Reports.

The annual report of the University shall be prepared under the directions of the Executive Council and shall be submitted to the Board on or before such date as may be prescribed by the Statutes for approval. The Board may pass resolution thereon and communicate the same to the Executive Council which shall take such actions as necessary, and the Executive Council shall report to the Board at its next meeting of the action taken by it on the said resolution, or if no action is taken, the reasons for taking no actions.