Chapter V Chapter V

General and other funds

1. (1) The income from the fees and other charges realised by, any contribution and endowment received by and all grants made to the University shall form one general fund to be called the General Fund of the University and all moneys so realised and received shall be credited to it.
2. (2) The University may have such other funds and shall maintain such accounts in respect of every fund as may be prescribed.
3. (3) All moneys credited to the funds of the University shall be deposited in such banks or invested in such manner as the University may, with the previous approval of the Government, decide.

The University may accept money from the Government of India, the State Government, the University Grants Commission, and also borrow money from a Bank or a Corporation, for the purposes of the University: Provided that where the University intends to borrow money from a Bank or a Corporation or both exceeding an amount of ten lakh rupees at a time or in the aggregate, it shall obtain the prior written approval of the Government therefor.

The University shall not divert earmarked funds for other purposes or revise scales of pay of its staff or implement any scheme which involves any matching contribution from the Government or which imposes a recurring liability on the Government, after the assistance from the sponsoring Authority ceases, without the prior written approval of the Government: Provided that the Executive Council may authorise the creation and filling up of posts of teachers for a period not exceeding one year, but any such post shall not be continued or created afresh for any period beyond the said period of one year without the prior written approval of the Government.

1. (1) The University shall constitute, for the benefit of its employees, in such manner and subject to such conditions as may be prescribed by the statutes, such pension, insurance, gratuity or provident fund as it may deem fit.
2. (2) Where such fund has been so constituted, the Government may declare that the provisions of the Provident Fund Act, 1925 shall apply to such fund as if it were a Government Provident Fund.

1. (1) The annual accounts of the University shall be submitted by the Council to the Government who shall cause an audit to be made by such person as the Government may appoint in this behalf.
2. (2) The accounts when audited shall be printed and copies thereof shall, together with the copies of the audit report, be submitted by the Council to the Government with its comments. The Government shall as soon, as may be after the receipt of the audit report, cause the audit report together with the comments of the Council to be laid before each House of the State Legislature.