Annual Report: — ACT 5 OF 1975 THE CALICUT UNIVERSITY ACT, 1975

49. Annual Report: The annual report of the University shall be prepared under the direction of the Syndicate and shall be presented to the Senate for its review on or before such date as may be prescribed by the Statutes. The Senate may pass resolutions on the annual report and communicate the resolutions to the Syndicate. The Syndicate shall inform the Senate of the Action taken by it on the resolutions passed by the Senate under subsection (2) and shall submit a copy of the annual report together with acopy of the resolutions, if any, of the Senate under subsection (2) to the Government. The Government shall, as soon as the annual accounts and annual report are received, cause the same to be laid on the table of the State Legislative Assembly. 50.Audit of accounts of the University: The Government shall appoint auditors of the accounts of the University and the institutions under the management of the University. The auditors shall maintain a continuous audit of the accounts of the University and may, after giving due intimation, conduct local audit of any institution under the management of the University. The University shall bear the cost of the audit as fixed by the Government. After completing the audit for a year or for any shorter period or for any transaction or series of transactions, the auditors shall send a report to the University and a duplicate copy thereof to the Government. The auditors shall specify in the report under subsection (4) all cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of any loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University. The auditors shall also report on any other matter relating to the accounts of the University as may be required by the Government. The University shall forthwith remedy any defect or irregularity pointed out by the auditors and report the action taken to the Government. CHAPTER VIII Private College and Affiliation of Colleges

Section 49