Section 49. Accounts accounts

(1) The annual accounts and balance sheet of the University shall be prepared under the direction of the Executive Council and shall, once at least every year, and at intervals of not more than fifteen months, be audited by the Director, Local Fund Accounts, Uttar Pradesh or by such person or persons as the State Government may authorise in this behalf. (2) A copy of the annual accounts together with the audit report shall be submitted to the Chancellor and the Executive Council along with the observation, if any, of the Executive Council. (3) Any observation made by the Executive Council on the annual accounts shall be brought to the notice of the Chancellor and the views of the Executive Council, if any, on such observations shall be submitted to the State Government.