Cap. 327 Art. 73Financing and control of the finances of the University.

(1) The finance of the University shall derive from periodic agreements entered into between the University and the

Government stipulating, among other things, the supply of funds to the University by the Government.

(2) The amount of funds to be stated in the agreement shall be established in relation to the requirements of the University to achieve its aims determined in the context of the needs of the country as perceived by the Government.

(3) The agreement stipulated between the Government and the University, and any extension or substitution thereof, shall be laid in draft on the Table of the House of Representatives, and shall be entered into only after it has been discussed in the House of Representatives in a sitting for that purpose not later than twenty-eight days from the day on which it is so laid.

(4) The University shall in each financial year cause to be prepared and shall adopt estimates of its income and expenditure for the following year.

(5) The University shall cause to be kept proper accounts and other records in respect of its operation and transactions and shall cause to be prepared a statement of accounts in respect of each financial year.

(6) The accounts of the University shall be audited by an auditor or auditors appointed by the Council from year to year.

(7) The University shall, not later than three months after the end of each financial year, cause a copy of a statement of its audited accounts together with a report on its activities during that year, to be sent to the Minister together with the report of the auditor or auditors with respect to such statement and the Minister shall without delay lay such statements and reports on the Table of the House of Representatives so that the House may take note thereof and discuss the same in not more than two normal sittings, allocated for that purpose, within eight weeks from their being laid by the Minister.