(1) The Executive Council shall prepare an annual report of the University and send it to the Academic Senate on or before such date as may be prescribed by the Statutes.
(2) The report shall, be considered by the Board of Governors at its next annual meeting. A copy of the report with a copy of the resolution thereon, if any, of the Board of Governors shall be submitted to the State Government for information.
29. The Executive Council may for reasons to be recorded in writing incur any expenditure for which no provision has been made in the budget or which is in excess of the amount provided in the budget, but report of expenditure incurred shall be made to the Board of * Governors at its next meeting for approval.