Annual accounts, etc

(1) The annual accounts and the balance sheets of the University shall be prepared under the directions of the Board of Management and shall once at least every, and at intervals of not more than, fifteen months be audited by the Controller of State Accounts or such person as may be authorised in this behalf. (2) A copy of the accounts together with the audit report shall be submitted to the Chancellor along with the observations, if any, of the Board of Management. (3) Any observation made by the Chancellor on the annual accounts shall be brought to notice of the Board of Management and the views of the Board of Management, if any, on such observations shall be submitted to the Chancellor. (4) A copy of the accounts together with the audit report, as submitted to the Chancellor shall also be submitted to the State Government, which shall as soon as may be, cause the same to be laid before both the Houses of the Legislature at their next earliest session. (5) The audited annual accounts after having been laid before both the Houses of the Legislature shall be published in the official Gazette.