Annual accounts and financial estimates

(1) The annual accounts of the University shall be prepared under the direction of the Finance and Accounts Committee and shall be submitted to the Board of Management. (2) The Board of Management shall, after the accounts are audited, submit a copy thereof alongwith a copy of the audit report to the State Government. (3) The Finance and Accounts Committee shall also prepare, before such date as may be prescribed by the Statutes, the financial estimates for the ensuing year. (4) The annual accounts and the financial estimates shall be considered by the Board of Management at its annual meeting and the Board of Management may pass resolutions with reference thereto and communicate the same to the Finance and Accounts Committee which shall take them into consideration and take such action therein as it thinks fit, and finally adopt the accounts and financial estimates. The Finance and Accounts Committee shall inform the Board of Management at its next meeting of the action taken by it or of its reasons for taking no action.