The student council may start a savings bank account with any of the banks in Manipal. The faculty advisors, the Dean and the Associate Dean will be signatories of the account. The signatures of any two of the four signatories are mandatory for any payment from this account.

The student council may raise funds according to the requirement for that term.

All funds raised by the student council shall be deposited in the savings bank account and payments, as much as possible, shall be made from the account by checks.

The treasurer shall maintain a written statement of accounts on behalf of the student council and regularly present such a statement to the council. Any fund received shall be acknowledged with a receipt. Any payment shall be made only against a valid bill.

Any funds left over in the account at the end of the term of the current student council shall be handed over to the next student council.

Any one of the faculty advisors shall audit the statement of accounts at least twice during the term of office of the student council.