Section 40(1) in Bihar State Universities (Patna, University of Bihar, Bhagalpur and Ranchi) Act, 1960
(1)The Principal of every college shall prepare in the prescribed form an estimate of its probable income including income from endowments and bequests, if any, and expenditure for the next ensuing financial year and the same shall be considered and sanctioned by the governing body or managing committee of the college either without alteration or with such alterations as it thinks fit and a copy of the estimate so sanctioned shall be submitted by the college to the Syndicate on or before such date as may be prescribed by the Statutes.
