Chapter XI FINANCE

(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:-- (a) any contribution or grant by the State Government, (b) the income of the University from all sources including income from fees and charges, (c) bequest, donations, endowments and other grants, if any. (3) The University Fund shall be kept in any corresponding new bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and approved by the State Government for the purpose or invested in securities authorised by the Trusts Act, 1882 at the discretion of the Board.

The State Government shall, in each year after due appropriation made by the State Legislature by law in this behalf, make provision for making grants to the University, as follows:- (a) a grant of an amount not less than the estimated net expenditure on pay and allowances of the staff, contingencies, and services of the University; (b) a grant to meet such additional items of expenditure, recurring and non-recurring as the State Government may deem necessary for the proper functioning of the University.

(1) The annual accounts of the University shall be prepared under the direction of the Board. (2) The Board shall prepare before such date as may be prescribed the financial estimates for the ensuing year having regard to the Government grants that are likely to be available. (3) The annual accounts and the financial estimates shall be considered by the Board at its annual meeting and pass a resolution adopting the accounts and financial estimates. (4) The annual accounts so adopted shall be submitted to the State Government for audit. (5) (a) The Board shall, after the accounts are audited, submit a copy thereof along with a copy of audit report and the statement of the action taken by the University on the audit report, to the State Government. (b) The State Government shall cause the copy of the accounts and the audit report along with the statement of action taken by the University on the audit report to be laid before the State Legislature.

(1) The Annual Report of the University shall be prepared under the direction of the Board by or before such date as may be prescribed and shall be considered by the Board at its annual meeting. (2) The Board may pass such resolutions thereon and take such action as it thinks fit. (1)(g) all officers and employees in the employment of the dissolved University immediately before the appointed day shall be allocated to the new Universities by the State Government in such manner as it may direct having regard to such principles as it may, by notification in the Official Gazette, lay down, and until other provision is made in accordance with this Act, they shall receive salaries and allowances and be subject to the conditions of service to which they were entitled or subject to immediately before the appointed day: Provided that the conditions of service applicable immediately before the appointed day to any officer or employee allotted to the new University shall not be varied to his disadvantage except with the previous approval of the State Government.

(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 or any other law for the time being in force, a person, who has ceased to be an officer by virtue of clause (a) of sub-section (1) or an officer or servant of the dissolved University who is transferred to any of the new Universities as a result of the allotment made under clause (g) of sub-section (1), shall not be entitled to any compensation for such cesser or transfer, under this Act or any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.