Provident Fund, Pension and Insurance

(1) With the prior approval of the Government, the University shall constitute for the benefit of its officers, teachers, ministerial staff and other employees, in such manner and subject to such conditions as may be prescribed, such pension, gratuity, insurance or provident fund, contributory pension fund and any other such funds as it may deem fit. (2) The Government may declare the provisions of the Provident Funds Act 1925 (Central Act 19 of 1925) shall apply to the provident fund or pension fund so constituted by (1) Any college which is affiliated temporarily for a continuous period of five years and satisfies the conditions regarding academic excellence and the administrative standards on an average stipulated by the University from time to time shall be eligible for grant of permanent affiliation. (2) The provisions of section 45 shall mutatis mutandis apply for sanction of permanent affiliation. (3) A College permanently affiliated to the University shall be subject to review of its functioning both administratively and academically from time to time by the University and the State Government, at least once in a period of five years. (4) Notwithstanding anything contained in the preceding sub-sections, if a permanently affiliated college fails to fulfill any of the conditions specified in sub-section (1), the permanent affiliation shall be revoked: Provided that permanent affiliation shall not be revoked unless an opportunity is afforded by the University to the college concerned: Provided further that on revocation of the permanent affiliation, the concerned college shall seek temporary continuation of affiliation on yearly basis.