(1) The State Council shall prepare an annual financial statement on or before such date as may be prescribed, of the estimated capital and revenue receipts and expenditure for the ensuing year and submit the same to the Government.
(2) The statement as aforesaid shall include a statement of salaries and allowances of members, officers and employees of the State Council and of such other particulars as may be prescribed.
(3) The Government shall, as soon as may be after the receipt of such statement, cause it to be laid before the State Legislature.
(4) The State Council shall take into consideration any observations made on such statement in the State Legislature.
(5) The State Council may, at any time during the year in respect of which a statement under sub-section (1) has been submitted, submit to the Government a supplementary statement, and the provisions of this section shall apply to such supplementary statement as they apply to the statement under sub-section (1).
15. The State Council shall prepare once in every year, in such form Annual and at such time as may be prescribed, an annual report giving a true repoit and full account of its activities during the previous year, and copies thereof shall be forwarded to the Government, and the Government shall cause the same to be laid before the State Legislature. A copy of the report shall also be sent to the University Grants Commission.