Annual and audit reports.

(1) The annual report of the University shall be prepared under the directions of the Board, which shall include, among other matters, the steps taken by the University towards the fulfillment of its objectives and shall be submitted to the Senate on or before such date, as may be prescribed by the Statutes, and the Senate shall consider the report in its annual meeting. (2) The annual accounts and the balance sheet of the University shall be prepared under the directions of the Board and shall, once at least every year and at the intervals of not more than fifteen months, be audited by an agency specifically authorized in this behalf by the State Government from time to time. (3) The accounts, when audited, shall be printed and the copies thereof, together with the audit report thereon, shall be submitted to the Senate alongwith the observations of the Board. (4) A copy of the annual report, as prepared under sub-section (1) and a copy of the annual accounts together with the audit report, as submitted to the Senate under sub-section (3) alongwith the observations, if, any, made by the Senate thereon, shall be submitted to the State Government, which shall, as soon as may be, cause the same to laid before the State Legislature.