University open to all classes, castes and creeds

The University shall be open to all persons of either sex and of whatever race, creed, caste or class. (1) The Finance Officer shall be appointed by the Executive Council and shall be a whole time salaried officer of the University. (2) When the office of the Finance Officer is vacant or when the Finance Officer is by reason of illness or absence or for any other cause, 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. (3) The Finance Officer shall— (a) exercise general supervision over the funds of the University and shall advise it as regards its financial policy ; and (b) perform such other financial functions as may be assigned to him by the Executive Council or as may be prescribed by the Statutes or the Ordinances : Provided that the Finance Officer shall not incur any expenditure or make any investment exceeding Rs. 25,000 without the previous approval of the Vice-Chancellor. (4) Subject to the control of the Executive Council, the Finance Officer shall— (a) hold and manage the property and investments including trust and endowed property for furthering any of the objects of the University ; (b) see 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 purposes for which they are granted or allotted ; (c) be responsible for the preparation of annual accounts and the budget of the University for the next financial year 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 investments ; (e) watch the progress of collection of revenue and advise on the methods of collection employed ; (f) have the accounts of the University regularly audited by an internal audit party ; (g) see that the registers of building, land, furniture and equipment are maintained up-to-date and that the stock checking is conducted of equipment and other consumable materials in all offices, special centres, specialized laboratories, colleges and institutions maintained by the University ; (h) call for explanation for unauthorized expenditure and for other financial irregularities and suggest disciplinary action against the persons at fault ; and (i) call for from any office or college or institution under the University any information or return that he may consider necessary to discharge his financial responsibilities. (5) The receipt of the Finance Officer or of the person/persons duly authorized in this behalf by the Executive Council for any money payable to the University shall be sufficient discharge for the same.