Chapter X FINANCE

1. (1) The university shall establish a fund to be called the University Fund.
2. (2) The following shall form part of, or be paid into the University Fund :,
   • (a) any contribution or grant by the State Government, the 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,
   • (d) any sum borrowed from the Banks with the permission of the State Government.
3. (3) The University Fund shall be kept in any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or 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 Executive Council.

1. (1) The annual Accounts of the University shall be prepared under the direction of the Executive Council and shall be submitted to the State Government for audit.
2. (2) The Executive Council shall, after the accounts are audited, submit a copy thereof alongwith a copy of the audit report to the court and to the State Government.
3. (3) The Executive Council shall, having regard to the Government grants that are likely to be available prepare before such date as may be prescribed by the Statutes the financial estimates for the ensuing year.
4. (4) The annual account and the financial estimates shall be considered by the Court at its annual meeting and the Court may pass resolutions with reference thereto and communicate the same to the Executive Council which shall take them into consideration and take such action thereon as it thinks fit and finally adopt the accounts and financial estimates.

Annual Report 55. The annual report of the University shall be prepared under the direction of the Executive Council and shall be submitted to the Court on or before such date as may be prescribed by the Statutes and shall be considered by the Court at the annual meeting. The Court may pass resolutions thereon and communicate the same to the Executive Council which may take such action as it thinks fit, and the Executive Council shall inform the Court at its next meeting of the action taken by it or if no action is taken of its reasons for taking no action.