Utilization of assets etc.

The properties, assets and rights transferred to University by virtue of section 7 shall continue to be utilized for the purposes of which they were being utilized or were intended to be utilized immediately before the appointed day. (1) The Controller of Finance shall be a whole time salaried officer of University and shall be appointed by the Executive Council on the recommendation of the Vice-Chancellor:- (i) by transfer or deputation of a person having experience of working as Chief Accounts Officer or on equivalent post in a Public Sector Department of the State Government; or (ii) by direct selection through selection committee having following qualifications and experience:- (a) Chartered Accountant (CA) from a recognized institute/ organization; (b) ten years experience of working in Finance and Accounts Department in a Public Sector Organization or in any other reputed institution/ organization. (2) The Controller of Finance shall be the ex-officio Secretary of the Finance Committee but shall not be deemed to be a member of such Committee. (3) When the office of the Controller of Finance is vacant or when the Controller of Finance is by reason of illness, or any other cause is unable to perform the duties of his office, the duties of the office shall be performed by such person as the Vice-Chancellor may appoint for the purpose. (4) The Controller of Finance shall- (a) exercise general supervision over the funds of the University and shall advise the University as regards its financial policy; and (b) perform such other functions as may be assigned to him by the Executive Council or as may be prescribed by the Statutes from time to time. (5) Subject to the control of the Executive Council, the Controller of Finance shall- (a) hold and manage the property and investments of the University, including trust and endowed property; (b) ensure that the limits fixed by the Finance Committee for recurring and non-recurring expenditure for a year are not exceeded and that all moneys are expended on the purpose for which they are granted or allotted; (c) be responsible for the preparation of annual accounts and the budget of the University and for their presentation to the Executive Council; (d) keep a constant watch on the state of the cash and bank balances and on the state of investment; (e) watch the progress of the collection of revenue and advise on the method of collection to be employed; (f) ensure that the registers of buildings, land, furniture and equipment are maintained upto date and that stock checking of equipment and other connected material in all the offices, special centres, specialized laboratories, and institutions maintained by the University, is conducted; (g) bring to the notice of the Vice-Chancellor any unauthorized expenditure and other financial irregularities and suggest action to be taken against the person responsible for it; and (h) call for from any officer, centre, laboratory, College or institution maintained by the University, any information or returns that he may consider necessary for the performance of his duties. (6) The receipt of the Controller of Finance or person duly authorized in this behalf by the Executive Council for any money payable to the University shall be sufficient discharge for payment of such money. (7) Suitable remuneration shall be attached to the office of the Controller of Finance.