Annual report

(1) The University shall prepare each year the annual report for the financial year containing such particulars as the Board may specify and shall be submitted to the Board on or before such date as may be prescribed by the regulations. The Board shall consider such report and may pass resolutions thereon and the Executive Council shall take such action in accordance with the resolution. The action taken by the Executive Council and if no action is taken, the reasons for taking no action shall be communicated to the Board at its meeting.