Chapter VI FINANCE

Education201047 sections9 chapters

Chapter VI FINANCE

29. University Fund

Statutory text

(1) The University shall establish a fund to be known as the "University Fund" to which shall be credited—
- (a) all moneys provided by the State Government;
- (b) all fees and other charges received by the University;
- (c) all moneys received by the University by way of grants, gifts, donations, benefactions, bequests or transfers;
- (d) all moneys received by the University from any other source.
(2) The funds of the University shall be kept in such scheduled bank or invested in such manner as the Executive Council may think fit.
(3) The fund shall be applied for the purposes of the University in such manner as may be prescribed.

Chapter VI FINANCE

Statutory text

(1) The University shall establish a separate fund to be known as the "Fund of sponsored scheme".
(2) The money received from agencies for any sponsored scheme shall be kept in the Fund of sponsored scheme and shall be utilized for the purpose of the scheme in accordance with the terms and conditions of grant of such scheme.

Chapter VI FINANCE

Statutory text

(1) The annual accounts and financial statements of the University shall be prepared under the direction of the Executive Council and shall be audited at least once in a year by the auditors appointed by the University with the approval of the State Government.
(2) The annual report of the University shall be prepared under the direction of the Executive Council and shall be submitted to the State Government on or before such date as may be specified by the State Government.

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