Establishment of General Fund

Education200537 of 39 sections available

Statutory text

(1) The private university shall establish a general fund to which all moneys received by the university shall be credited. (2) The general fund shall be used for the development and maintenance of the private university and for the payment of salaries and other expenses. (3) The private university shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the income and expenditure account and the balance sheet in such form as may be prescribed by the State Government. (4) The accounts of the private university shall be audited annually by a Chartered Accountant, and the audited report shall be submitted to the State Government.

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