Chapter VI FINANCE AND ACCOUNTS

The amounts received from the following source shall form part of the University’s Fund- (a) any contribution or grant made by the State Government; (b) any contribution or grant made by the University Grants Commission; (c) any contribution or grant made by the Central Government and its agencies; (d) any bequests, donations, endowments or other grants made by private individuals or institutions; (e) the income received by the University from fees and charges; (H the amounts borrowed by the University; and (@) the amounts received from any other source. (2 The Fund shall be kept in a nationalised bank or invested in securities authorised by the Indian Trusts Act, 1882, as may be decided by the Syndicate. (3) The fund may be employed for any of the persons of the University in the manner prescribed. (4) The Fund shallbe operated by the Registar orby an officer of the University not below the rank of an Assistant

1. (a) any contribution or grant made by the State Government;
2. (b) any contribution or grant made by the University Grants Commission;
3. (c) any contribution or grant made by the Central Government and its agencies;
4. (d) any bequests, donations, endowments or other grants made by private individuals or institutions;
5. (e) the income received by the University from fees and charges; (H the amounts borrowed by the University; and (@) the amounts received from any other source. (2 The Fund shall be kept in a nationalised bank or invested in securities authorised by the Indian Trusts Act, 1882, as may be decided by the Syndicate.

1. (3) The fund may be employed for any of the persons of the University in the manner prescribed.
2. (4) The Fund shallbe operated by the Registar orby an officer of the University not below the rank of an Assistant

Power to borrow.- The University may, with the previous sanction of the Government as regards the purpose and amount of loan, and subjectto such conditions as may be specified by the Government as to security, and rate of interest, borrow any sums of money from any Nationalised

Annual Accounts. -(1) The annual accounts of the University shall be prepared under the directions of the Syndicate and shall be submitted to the Government for audit.

1. (2) The annual accounts together with the audit report thereon shallbe published by the Syndicate, and copies of such accounts and audit report shall be submitted to the

Annual Financial Estimates. (1) The Syndicate shall prepare before such date as may be prescribed by the Statutes the financial estimates for the ensuing year.

1. (2) The Syndicate may, in urgent cases where expenditure in excess of the amounts provided for in the

Audit of Accounts of the University.-

1. (1) The Government shall appoint auditors of the accounts of the University and of the institutions under its management.
2. (2) The auditors shall maintain a continuous audit of the accunts of the University and may, after giving due intimation, conduct local audit of any institution under the management and control of the University.
3. (3) The University shall bear the cost of the audit as fixed by the Government.
4. (4) After completing the audit for a year or for any shorter period or for any transaction or series of transactions, the auditors shall send a report to the University and duplicate copy thereof to the Government.
5. (5) The auditors shall specify in the report under subsection (4) all cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of any loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University.
6. (6) The auditors shall also report on any other matter relating to the accounts of the University as may be required by the Government. (Nn The University shall fortwith remedy any defect or irregularity pointed out by the auditors and report the action taken to the Government. © 37. Annual Report. (1) The Syndicate shall prepare the annual report of the university containing such particulars as the Government may specify covering each financial year, and before its final approval, it shall be presented to the Academic Council for the review on or before such date as may be prescribed by the Statutes.
7. (2) Copies of the Annual Report and the Annual Accounts shall be sent to the Government, and the Government shall place them before the State Legislature.

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