Every library in the University, other than a school library, shall transmit to the department annually, on March 1st, a report for the previous year ending December 31st in such form as shall be prescribed by the commissioner; but a library may report for a year ending on some other date with the approval of the commissioner. Any library in the University whose annual report for the preceding year is not received by March 31st of the year following the expiration of such year shall not participate in any apportionments of library money for the ensuing State fiscal year unless such neglect is duly excused by the commissioner. Any library failing to report for two consecutive years shall be deemed to have discontinued its functions, and after due notice its registration may be rescinded, or its charter suspended.