Chapter X 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, Union Government, or the University Grants Commission; (b) the income of the University from all sources including income from fees and charges; (c) bequests, donations, endowments and other grants, if any. (3) The University Fund shall be kept in any scheduled bank as defined in the Reserve Bank of India Act, 1934, or in a co-operative bank approved by the State Government for the purpose or invested in securities authorised by the Indian Trusts Act, 1882, at the discretion of the Syndicate. (4) Any grant given by the Government of India for the purpose of Post-Graduate Teaching and Research shall be applied for meeting— (a) expenses incurred for that purpose; and (b) expenses incurred by the Board of Post-Graduate Teaching and Research in exercise of its powers and performance of its duties under section 20B.

(1) The annual accounts of the University shall be prepared under the direction of the Syndicate and shall be submitted to the State Government for audit. (2) The Syndicate shall, after the accounts are audited, submit a copy thereof along with a copy of the audit report to the Senate and to the State Government. (3) The Syndicate shall also prepare, before such date as may be prescribed by the statues, the financial estimates for the ensuing year. (4) The annual accounts and the financial estimates shall be considered by the Senate at its annual meeting and the Senate may pass resolutions with reference thereto and communicate the same to the Syndicate which shall take them into consideration and take such action thereon as it thinks fit; and finally adopt the account and financial estimates. The Syndicate shall inform the Senate at its next meeting of the action taken by it or of its reasons for taking no action.

The annual report of the University shall be prepared under the direction of the Syndicate and shall be submitted to the Senate on or before such date as may be prescribed by the Statutes and shall be considered by the Senate at the annual meeting. The Senate may pass resolutions thereon and communicate the same to the Syndicate which may take such action as it thinks fit, and the Syndicate shall inform the senate at its next meeting of the action taken by it or of its reasons for taking no action.