Section 40 in The Himachal Pradesh National Law University Act, 2016
40. Annual accounts and financial estimates.
(1)The annual accounts of the University shall be prepared under the directions of the Executive Council.(2)The Executive Council shall prepare, before such date as may be prescribed by regulations, the annual financial estimates for the ensuing year and place the same before the Governing Council.(3)Where an expenditure in excess of the amount provided in the budget is required to be incurred, the Executive Council may, for reasons to be recorded in writing, incur expenditure subject to such conditions and restrictions as may be prescribed by regulations and a report of such excess expenditure shall be made to the Governing Council at its next meeting.(4)The accounts of the University shall be audited by the auditors appointed by the Executive Council :Provided that the Government may, whenever it considers necessary, direct that audit of the accounts of the University, including the institutions managed by it, shall be audited by such auditors as it may specify.(5)The accounts together with the audit report shall be placed before the Executive Council and shall also be submitted to the Government.(6)The annual accounts and the financial estimates shall be considered by the Governing Council at its annual meeting. The Governing Council may pass resolutions with reference thereto and communicate the same to the Executive Council, which shall take them into consideration and take such action thereon as it thinks fit. The Executive Council shall inform the Governing Council at its next meeting of the action taken by it or its reasons for taking no action.Chapter-VII Enrolment and Degree
