1. Save as is otherwise provided in Statutes or Ordinances regarding trusts and special funds and regarding sums which are required to be paid to Faculty or Departmental funds, all income accruing to the University shall be credited to the account of the Chest.
2. Separate accounts shall be kept in such form as the Council may direct for all trust funds, for such funds as may be created special funds by the Council or the University, and for the funds arising from grants from external sources or from grants or gifts from other bodies or persons for special work carried out under the direction of the University.
3. Any money received by any University body or officer for the purpose of any Faculty or Department, or for any other University purpose, shall be included in the appropriate account.
4. The accounts of the Local Examinations Syndicate shall be audited annually by one or more qualified accountants appointed by the Council. The Council shall in every year appoint one or more persons from among the members of the Finance Committee, who shall examine these accounts, confer with the auditor or auditors, and report to the Council.
5. Except as may be provided otherwise by Statute J and by section 4 above, the accounts of the University shall be audited annually by qualified accountants appointed by Grace on the nomination of the Council.