(1) (a) Notwithstanding anything contained in this Act, during the period of stabilization of the University, the State Government shall specify the date by which and the manner in which the University shall prepare the annual financial estimates of receipts and expenditure of the University.
(b) The Executive Council shall consider the estimate as prepared and approve them, with or without modifications and submit them, as approved by it, to the State Government for its sanction.
(c) The State Government may pass such orders with reference to the said estimates as it may think proper and communicate the same to the University which shall give effect to such orders.
(2) (a) After the period of stabilization of University is over, the Vice-Chancellor shall cause to be prepared by the Finance Officer of the University on or before such date as may be prescribed, the annual financial estimates of receipts and expenditure of the University for the ensuing year and submit them to the Executive Council, through the Finance Committee.
(b) The Executive Council shall consider the annual financial estimates so prepared and approve them with or without any modifications.