(1) Notwithstanding anything contained in the preceding section, a college authority shall at the end of each quarter submit an account of the assumed and actual income during the preceding quarter and deposit with the State Government under the head of account as provided under section 5 such amount by which the actual amount deposited by the college authority under section 5 falls short of seventy-five per cent. of the assumed income during the quarter within the following quarter.
(2) The State Government shall on examination of the accounts have the right to fix the amounts that may be payable by the college under sub-section (1) and direct further deposit on that account within such time as it thinks proper.