Maintenance of fund

(1) The funds established under sections 41, 42 and 43 shall, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed. (2) The annual accounts of the University shall be audited by a chartered accountant, who is a member of the Institute of Chartered Accountants of India, every year. (3) A copy of the annual accounts and the Balance Sheet together with the Audit report shall be submitted to the State Government and the Board of Governors on or before December 31 following close of the financial year in March 31 each year.