Chapter VI FINANCE AND ACCOUNTS

The University shall have a general fund to which shall be credited,-

1. (a) its income from fees, endowments and grants, if any;
2. (b) contributions or grants from the Government on such conditions as may be imposed;
3. (c) grants from the Central Government, the University Grants

Other funds .- The University may have such other funds as may be prescribed by the Statutes.

The University may, for any of the purposes prescribed by the Statutes, borrow money from a bank or a corporation.

Management of Funds.- All the funds of the university shall be managed in such manner as may be prescribed by the statutes: Provided that the State Government may also issue directions from time to time regarding the management and utilisation of funds. The directions of the State Government shall be final]

¹ Substituted by Act 01 of 2014 w.e.f. 01.01.2014

The Government shall have power whenever deemed necessary to order the audit of the accounts of the University by such auditors as it may direct.

(1) The Vice-Chancellor shall cause to be prepared on or before such date as may be prescribed the financial estimates of the University for the ensuing year and submit the same to the Syndicate for approval. (2) The Syndicate may approve the financial estimates with such modifications as it deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Syndicate.

Syndicate for approval.

1. (2) The Syndicate may approve the financial estimates with such modifications as it deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Syndicate.

(1) The annual accounts of the University shall be prepared under the directions of the Syndicate.

1. (2) The annual accounts so prepared shall be considered by the Senate at its next earliest meeting. The Senate may pass a resolution with reference thereto and communicate the same to the Syndicate. The Syndicate shall consider the suggestions made by the Senate and take such action thereon as it thinks fit and shall inform the Senate at its next meeting the action taken by it or the reasons for not taking action.
2. (3) The accounts of the University shall be audited by the Controller Of State Accounts once a year, in the month of April.
3. (4) The accounts so audited shall be placed before the Syndicate and the Senate and thereafter transmitted to the State Government with comments along with the resolution of the Senate before 30 th of September every year. The State Government shall place the same before both the houses of the State Legislature at their next earliest session]

¹ Substituted by Act 01 of 2014 w.e.f. 01.01.2014

(1) The Syndicate shall prepare the annual report containing such particulars as the Government may specify, covering each financial year and submit it to the Senate on or before such dates as may be prescribed by the Statutes. The Senate may pass resolutions thereon and the Syndicate shall take action in accordance therewith. The action taken shall be intimated to the Senate.

1[(2) Copies of the Annual Report along with the resolution of the Senate thereon shall be sent to the Government before 30 th of September every year. The State Government shall place the same before both the houses of the State Legislature at their next earliest session]

¹ Substituted by Act 01 of 2014 w.e.f. 01.01.2014