Financial Estimates.

(1) The Finance Officer shall prepare before such date as may be prescribed by the statutes the financial estimates for the ensuring financial year along with the annual accounts whether audited or not, of the preceding financial year and after they are considered by the Finance Committee submit them to the [Executive Council] for approval.(2) The Government shall fix the block grant for the University normally for a period of five years: Provided that any liability which the University may have incurred with the approval of the Government and which was not envisaged at the time of fixing the block grant shall, in addition to the block grant, be reimbursed. (a) The Vice-Chancellor shall, by virtue of his office be a member and Chairman of the Executive Council, Academic Senate and of the Planning and Monitoring Board. He shall preside at the meetings of the convocations of the University in the absence of the Chancellor; (b) The Vice-Chancellor shall have power to convene meetings of the Executive Council, Academic Senate and the Planning and Monitoring Board; (c) The Vice-Chancellor shall be entitled to participate in any meeting of any authority of the University or of any committee thereof whether or not he is a member of such committee; but he shall not be entitled to vote thereat unless he is a member of the authority or committee concerned; (d) It shall be the duty of the Vice-Chancellor to see that the provisions of this Act, the statutes and the regulations are duly observed and he may exercise all powers necessary for this purpose. (e) He shall have power to interpret the provisions of this Act the statutes and the regulations. Any person or authority who does not agree with the interpretation may within such time as may be prescribed by the regulations, appeal to the Chancellor: Provided that:- (i) if such interpretation was given at a meeting of the Executive Council, the appeal shall lie to the Chancellor direct; (ii) if such interpretation was given otherwise than at a meeting of the Executive Council, the appeal shall be forwarded to the Chancellor through the Executive Council; The decision of the Chancellor on the appeal shall be final. He shall give effect to the decision of the authorities of the University taken in accordance with the powers conferred by or under this Act.