Annual funds.

The annual report of the University shall be prepared by the Syndicate and

shall be submitted to the Academic Council on or before such date as may be prescribed and

shall be considered by the Academic Council at its next annual meeting. The Academic Council may pass resolutions thereon and communicate the same to the Syndicate which shall take action in accordance therewith. The Syndicate shall inform the Academic Council of the action taken by it. A copy of the report with a copy of the resolution thereon, if any, of the Academic Council shall be submitted to the Government.