Chapter V Chapter V

(1) The University shall establish a fund to be called the University Fund. (2) The following shall form part of, or be paid into, the University Fund namely:- (a) all contributions or grants made by the State Government, the Central Government, the Bar Council of India, the Bar Council of Andhra Pradesh and the University Grants Commission; (b) the income of the University from all sources including income from fees and charges; (c) all income or money from trusts, bequests, donations, endowments, subventions and other grants. (3) The University fund shall at the discretion of the Executive Council, be kept in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or in a corresponding new Bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act. 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, or may be invested in such securities authorized by the Indian Trusts Act, 1882. (4) The University Fund may be expended for such purpose of the University and in such manner, as may be prescribed by regulations.

(1) The Annual accounts of the University shall be prepared under the directions of the Executive Council. (2) The Executive Council shall prepare, before such date as may be prescribed by regulations, the annual financial estimates for the ensuing year and place the same before the General Council. (3) Where an expenditure in excess of the amount provided in the budget is required to be incurred, the Executive Council may, for reasons to be recorded in writing incur expenditure subject to such conditions and restrictions as may be prescribed by the regulations and a report of such excess expenditure shall be made to the General Council at its next meeting. (4) The accounts of the University shall be audited by the Accountant General, Andhra Pradesh or any other auditor appointed by him. (5) The accounts together with the audit report shall be placed before the Executive Council and shall also be submitted to the State Government. (6) The annual accounts and the Financial Estimates shall be considered by the General Council at its annual meeting. The General Council may pass resolutions with reference thereto and communicate the same to the Executive Council, which shall take them into consideration and take such action thereon as it thinks fit. The executive Council shall inform the General Council at its next meeting of the action taken by it or its reasons for taking no action.

(1) The Executive Council shall prepare the annual report containing such particulars as the General Council may specify, covering each financial year, and shall be submitted to the General Council on or before such date as may be prescribed by regulations. The General Council shall consider such report and may pass resolutions thereon and the Executive Council shall take such action in accordance with the resolution. The action taken by the Executive Council or if no action is taken, the reasons for taking no action shall be communicated to the General Council at its meeting. (2) The Copy of the annual report along with the resolution of the General Council thereon shall be submitted to the State Government. The State Government shall lay the same before the State Legislature at its next session.