(1)The annual accounts of the University shall be prepared under the direction of the [Executive Council] [This word was substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).] and shall be submitted to the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government for audit.(2)[ The [Executive Council] [Sub-section (2) was substituted for the original by Bombay 46 of 1959, section 3, Schedule.] shall, after the accounts are audited, submit a copy thereof along with a copy of the Audit Report, to the [Court] [This word was substituted for the word 'Senate' by Gujarat 6 of 1973, section 2 (1).] and to the State Government.](3)The [Executive Council] [This word was substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).] shall also prepare, before such date as may be prescribed by the Statutes, the financial estimates for the ensuing year.(3A)[ The Executive Council shall, having regard to the Government grants that are likely to be available, finally prepare the financial estimates for the ensuing year.] [Sub-section (3A) was inserted by Gujarat 6 of 1973, section 48.](4)The annual accounts and the financial estimates shall be considered by the [Court] [This word was substituted for the word 'Senate' by Gujarat 6 of 1973, section 2 (1).] at its annual meeting and the [Court] [This word was substituted for the word 'Senate' by Gujarat 6 of 1973, section 2 (1).] may pass resolution with reference thereto and communicate the same to the [Executive Council] [This word was substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).] which shall take them into consideration and take such action thereon as it thinks fit, and finally adopt the accounts and financial estimates. The [Executive Council] [This word was substituted for the word 'Syndicate' by Gujarat 6 of 1973, section 2 (2).] shall inform the [Court] [This word was substituted for the word 'Senate' by Gujarat 6 of 1973, section 2 (1).] at its next meeting of the action taken by it or of its reasons for taking no action.
