(1)The Vice-Chancellor shall, subject to the provisions of this Act and the rules and regulations, be responsible for managing the property and for the investments of the University. He shall also be responsible for the presentation of the annual estimates and statement of accounts.(2)The Auditors, appointed by the [State Government] [Substituted by the A. O. 1950 for (Provincial Government).] shall audit the accounts of the University and submit a report to the Vice-Chancellor as well as the [State Government] [Substituted by the A. O. 1950 for (Provincial Government).]. An Accounts Officer, appointed by the [State Government] [Substituted by the A. O. 1950 for (Provincial Government).] according to the rules, shall be responsible for seeing that all moneys are spent on the purposes for which they are granted or allotted and that all accounts are properly maintained.(3)Every contract shall be signed by the Vice-Chancellor or a person authorized by him in this behalf.
