Financial estimates

(1) The annual financial estimates of the University for any financial year shall be prepared under the direction of the Board of Management at least five months before the commencement of the financial year. (2) The University shall furnish to the Government a statement of such financial estimates and expenditure of the University in such manner as may be prescribed by the Statutes. (3) The financial estimates shall be submitted to the Board of Management for its approval. (4) The Board of Management shall consider the financial estimates so prepared and approve them with or without modification. (5) The University shall submit such estimates as approved by the Board of Management to the Government for the purpose of providing the grant. (6) The Government may pass such order with reference to the said estimates as it thinks fit and communicate the same to the University which shall give effect to such order. (7) The Board of Management may, in cases where expenditure in excess of the amounts provided for in the budget is found necessary, for reasons to be recorded in writing, incur such expenditure. (8) The financial year of the University shall be the same as that of the Government.