General limitation of financial powers of the University

(1) The budget of the University showing the receipt and expenditure of the University on different accounts for a financial year shall be submitted to the State Government for approval at least four months before the beginning of such financial year in such form as may be specified by the state Government. (2) The State Government shall, within fifteen days of commencement of the financial year to which the budget relates, communicate its approval or otherwise of the budget to the University: Provided that the State Government shall, from time to time, release grants to the University to incur expenditure till the budget is approved. (3) Notwithstanding anything to the contrary contained in this Act, the University shall not, except with the prior approval of the State Government incur any expenditure on any account in excess of the amount specified in the budget on that account.