2 [(1) There shall be a Comptroller who shall be appointed by deputation from amongst the Officer(s) of the Himachal Pradesh Subordinate Accounts Service (Ordinary Branch) not below the rank of Deputy Controller, and shall be responsible to the Vice-Chancellor of the University including the preparation and presentation of the budget and statement of accounts.]
(2) The Comptroller shall exercise such powers and perform such duties as may be conferred or imposed upon him by the Statutes.
(3) The Comptroller shall-
(i) ensure that expenditure not authorised in the budget is not incurred by the University except by way of investment; and
(ii) disallow any expenditure not warranted by the terms of any Statutes or for which provision is required to be made by the Statutes but has not been so made.
(4) All moneys belonging to the University shall be kept in a Scheduled Bank and/or Government securities approved by the Board.
Explanation.- For the purposes of this sub-section "Scheduled Bank" means a Bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (11 of 1934).