(1) The annual financial estimates (budget) of the University for ensuing year shall be prepared by the Finance and Accounts Officer under the direction of the Finance and Accounts Committee, at least two months before the commencement of the financial year.

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(2) The Finance and Accounts Officer shall thereafter forward copies of annual financial estimates (budget) as approved by the Governing Council to the Chancellor and the State Government.

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(3) The financial year of the University shall be the same as that of the State Government.