(1) The Comptroller of a corresponding University shall be a whole-time officer of that University and shall be appointed by the Vice-Chancellor of that University with the approval of the Board.
(2) The Comptroller shall manage the property and investments of the corresponding University and advise it in regard to its financial policy.
(3) The Comptroller shall be responsible to the Vice-Chancellor for all accounting matters of the corresponding University including the preparation and presentation of its Budget and statement of accounts.
(4) The Comptroller shall receive such remuneration as may be prescribed and shall not, during the tenure of his office, receive any remuneration or other emolument other than the prescribed remuneration.
(5) The Comptroller shall--
(a) ensure that expenditure, not authorised in the budget, is not incurred by the corresponding University except by way of investment; and
(b) disallow any expenditure not warranted by the terms of any Statute or for which provision is required to be made by the Statute but has not been so made.
(6) All moneys belonging to the corresponding University shall be kept in a Scheduled Bank approved by the Board.