(1) Each corresponding University shall have a general fund to which shall be credited--
(a) income from fees, endowments and grants and from properties of the University including Hostels, Experiment Stations and Farms;
(b) contributions and grants which may be made by the appropriate Government on such conditions which it may impose; and
(c) other contributions, grants, donations and benefactions.
(2) Each corresponding University shall constitute a Finance Committee consisting of--
(a) the Vice-Chancellor;
(b) the Comptroller;
(c) a member chosen by the Board from amongst the official members;
(d) a member chosen by the Board from amongst the non-official members.
(3) The powers and duties of the Finance Committee of a corresponding University shall be as follows--
(a) to examine the annual accounts of the University and to advise the Board thereon;
(b) to examine the annual budget estimates and to advise the Board thereon;
(c) to review the financial position of the University from time to time;
(d) to make recommendations to the University on all matters relating to the finances of the University;
(e) to make recommendations to the Board on all proposals involving expenditure for which no provision has been made in the budget or which involves expenditure in excess of the amount provided in the budget.
(4) The accounts and the balance-sheet shall be submitted by the Vice-Chancellor through the Board to the appropriate Government which shall cause them to be audited by the Examiner, Local Fund Accounts.
(5) The accounts, when audited, shall be printed and copies thereof together with audit report, shall be submitted by the Vice-Chancellor to the Board, which shall forward them to the appropriate Government with such comments as it may deem fit and that Government shall cause a copy of the audited accounts together with its comments thereon to be laid before the State Legislature.