Chapter VIII FINANCE AND ACCOUNTS

1. (1) The University shall have a General Fund to which shall be credited, -
   • (a) contribution of grants made by the State Government in the form of block grant, which shall not be less than the salaries and pension of the serving and retired employees of the University;
   • (b) the income received by the University from various types of fees and charges; and
   • (c) any bequests, donations, or other grants made by Private individuals or Institutions or Industry of Foreign Institutions for General purpose.
2. (2) The said fund account shall be kept in a Nationalized Bank, and as decided by the Executive Council.
3. (3) The said fund may be employed for any of the purposes of the University in the manner prescribed by the Statutes.

The University shall have such other funds and maintain such accounts as the Executive Council may determine on the recommendation of the Finance Committee.

1. (1) There shall be a Finance Committee, which is a Sub-Committee of the Executive Council nominated by the Vice-Chancellor, with the following members, namely:
   • (a) Vice-Chancellor ----Chairperson
   • (b) Secretary to Government, Department of Finance and Planning (Finance Wing) & Ex-Officio Member of the Executive Council ----Member
   • (c) Principal of a University College & Member of the Executive Council ----Member
   • (d) Executive Council member representing Industry / Commerce / Banking ------Member
2. (2) The Finance Officer shall be the Secretary of the Finance Committee.
3. (3) The Finance Committee shall have the following duties and powers, namely to:-
   • (a) examine the annual accounts of the University and to advice the Executive Council thereon;
   • (b) examine the annual budget estimates and advise the Executive Council thereon;
   • (c) review the financial position of the University from time to time;
   • (d) make recommendations to the Executive Council on all matters relating to the finances of the University;
   • (e) make recommendations to the Executive Council on all proposals involving expenditure for which no provision has been made in the budget, or which involve expenditure in excess of the amount provided for in the Budget;
   • (f) review and advice on such other financial matters referred to it by the Executive Council.

The University may accept funds from the Government of India, the State Government, the University Grants Commission and other funding agencies and borrow money from a Bank or a Corporation for the purposes of the University with the approval of the Executive Council.

The University shall not, without the prior approval of the Government, divert earmarked funds for other purposes or upgrade any post or revise the scales of pay of its staff or implement any scheme which involves any matching contribution from the Government or create a post or posts resulting in a recurring liability on the Government either immediately or in future:

Provided that the Executive Council may, for meeting an exigency in the teaching departments, create teaching posts and appoint persons on contract for a period not exceeding twelve

1. (12) months at a time.

The Government may, at any time after the commencement of this Act, transfer to the University the control and management of institutions on such terms and conditions as may be deemed proper.

Notwithstanding anything contained in any other Law for the time being in force in the State, all the properties of the University, including the land, buildings etc., owned and maintained by the University shall be levied at subsidized rates property tax, water changes, electricity bills etc by any local self-government authority including Corporations, Municipalities and Panchayats, as may be prescribed by the Government.