The funds established under sections 45, 46 and 47 shall be, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed.

Annual Report 49.

1. (1) The Annual Report of the University shall be prepared under the direction of the Board of Management and shall be submitted to the Board of Governors for its approval.
2. (2) The Board of Governors shall consider the Annual Report in its meeting and may approve the same with or without modification.
3. (3) A copy of the Annual Report duly approved by the Board of Governors shall be sent to the Visitor and to the State Government on or before 31st December following closure of the financial year on the 31st March each year.