Continuance of existing institutions

All institutions existing prior to this Act shall be deemed to be registered under this Act provided they comply with the mandatory conditions within the prescribed period. Subject to the provisions of the Act, (1) For making purchases the Bhandar Kraya Niyam 2003 of the Government shall be made applicable. (2) A separate register for inventory shall be maintained for the ad-hoc grants wherein entry on all the expenditures must be recorded. (3) Vouchers and other documents related to the ad-hoc grant shall be preserved separately and should be presented before the auditors of the department and inspection authority as and when asked for. (4) Use or Expenditure of the amount sanctioned as ad-hoc grant shall be restricted to the approved plan or items permitted by the Commissioner of the Higher Education, on sanctioning the grants. (5) The property created out of the ad-hoc grant or the items purchased there from are subject to physical verification by the authorities of the Government. (6) The ad-hoc grant shall not be used for payment of salaries etc. or for any other purposes except those for which it has been sanctioned. (7) Statement of expenditure on use of the ad-hoc grant along with the vouchers and audited account shall be sent by the institution to the Commissioner in three months of the expiry of the period permitted for use of the grant in the sanction order. (8) The sum or amount which remains unspent, shall be returned immediately within the period specified under sub-section (7) of this section by the institution to the Government.