Account and audit of the University Fund.- 1 [(1) (a) Financial Adviser of the University shall prepare the Annual Budget according to the direction of the Vice-Chancellor. In the annual budget of the University, there shall be mention of income from all sources and all items of expenditure. ____________________________________ 1. Subs. by Act 68 of 1982.

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(b) The audit of the annual budget of the University shall be done every year by the auditors appointed by Accountant-General, Bihar.] (2) A copy of the annual accounts of the University together with the auditor�s report thereon shall be submitted by the Syndicate, within six months of the receipt of the report, to the State Government, the Chancellor and the Senate and the Chancellor shall cause the same to be published in the official gazette. (3) (i) Within six months of the receipt of the auditor�s report under subsection (2) the Senate shall appoint an ad-hoc- Committee consisting of The Examiner of Local Accounts, Bihar, and eight such members of the Senate as are not members of the Syndicate. (ii) The said Committee shall be known as the University Audit Committee and shall have power, for the purpose of examining the auditor�s report to call for explanations form the controlling and disbursing officers and it may- (a) suggest ways and means to avoid in future any misuse of the University Fund or irregularity in the accounts of the University; (b) suggest the recovery of any sum on account of any payment contrary to law from a University authority, officer or servant or from any person making or authorising such payment, or the recovery of the amount of any loss or deficiency from the person responsible threrefor or any amount which ought to have been but which is not brought into account from the person failing to account for such amount. (4) The auditor�s report together with the report of the University Audit Committee thereon shall be submitted to the Senate and the State Government for such action as they think fit. (5) It shall be lawful for the State Government either on the suggestion of the University Audit Committee or on its own motion to require any authority, officer or servant of the University or any person who is found to have spent or authorised the expenditure of any amount in excess of the amounts provided in the budget or in violation of any provision of the Act, the Statutes, Ordinances, Regulations or Rules or is found to have failed to account for any amount, to reimburse the amount in the manner prescribed in the Statutes: Provided that no order for reimbursement shall be made until the authority, officer, servant or the person concerned has been given a reasonable opportunity, of making a representation and the same has been considered by the State Government. 1[(6) If the State Government is satisfied that an amount has been paid in an irregular manner and if the amount is not reimbursed within a specified period, this amount shall be deemed to be a public demand and shall be recoverable according to the provisions of the Bihar Public Demands Recovery Act, 1914.]