Funds

(i) The University shall maintain records of all its funds, accounts, grants, etc., as may be prescribed by the Statutes. (ii) All funds of the University shall be utilized for: (a) payment of salaries, allowances, and other benefits to the employees of the University, (b) development of infrastructure and other facilities of the University, (c) any other purposes as may be authorized by the Statutes and Regulations. (iii) The University shall prepare its annual budget in the manner prescribed by the Statutes. (iv) Any surplus from the funds of the University shall be utilized for the purpose of the University as and when necessary and with the approval of the State Government. (i) The Academic Council, Faculties, Executive Council and the Finance Council of the University may, subject to the approval of the Executive Council, make Rules consistent with this Act, and the Statutes. (ii) The Rules may provide for- (a) The sending of notices to the members of each authority, the dates of meetings and the business to be transacted at their meetings and also for keeping a record of the proceedings of the meetings. (b) The procedure to be followed at the meetings and number of members required to constitute the quorum for the meetings; (c) All matters solely concerning such authority or the matters not provided for by this Act, or the Statutes. (iv) -lhe Executive Council may refuse to approve the Rules submitted to it or may return them to the authority concerned for further consideration or may approve the Rules without modification or subject to such modifications as the Executive Council may deem fit. (v) Rules nrade under this section shall come into force on the date of their publication in the Gazette or on such other date as.the Executive Council may direct.