Annual Accounts & Finance Matters

(1) The annua! accounts of the University for the preceding financial year shall be submitted by the Governing Council to the Government, before the end of the financial year. The Government shall cause an audit to be made by such person, as it may appoint in this behalf. The accounts when audited shall be printed and copies thereof shall, together with the copies of the audit report, be submitted by the Governing 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. (2) The University may accept funds from the Government of India, the State Government, the University Grants Commission, and borrow money from a Bank or a Corporation, for the purposes of the University. (3) 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 for the existing teaching purposes the Governing Council may authorise the creation and filling up of posts of teachers for a period not exceeding one year but any such poster posts shall not be continued or created afresh for any period beyond the said period of one year without the prior approval of the Government. (4) The terms and conditions including the pay and allowances for the officers of the University, including the Constituent Institutes, shall be as notified by the Government from time to time.