Chapter VII FINANCE

University Fund.-

1. (1) All grants and loans received from the State Government, the Government of India, the University Grants Commission and from any other source, all revenues of the University, all fees received, all incomes such as rent and profit derived from the properties and funds vested in the University, all endowments and donations received from any source whatsoever, all other miscellaneous receipts of the University and all deposits, remittances, and service funds, received in connection with the affairs of the University shall form one consolidated fund styled “Kannur University Fund” and shall be employed for the purposes and in the manner laid down in this Act and the Statues, Ordinances, rules, bye-laws or orders made thereunder: Provided that separate accounts shall be maintained for specific purposes.
2. (2) All monies in the Kannur University Fund shall be lodged in the Government Treasury or, with the approval of the Government, in the State Bank of India or its subsidiaries up to such limits as may be fixed by the Government.
3. (3) The University may invest such part of the monies in the Kannur University Fund as it may deem fit, in the Government securities or securities guaranteed by the Government of India.
4. (4) The custody of the Kannur University Fund, the payment of monies therein, the withdrawal of monies therefrom and all other ancillary matters shall be regulated by the Statutes, Ordinances, rules of bye-laws made in that behalf.

Grants from Government .-

1. (1) The University shall receive as grants for its maintenance such sums, subject to such conditions, as may be fixed by the Government, from time to time.
2. (2) The Government may pay to the University such other grants subject to such terms and conditions as they think fit, for specific purposes.

Corpus Fund.-

Annual estimates of income and expenditure Annual estimates of income and expenditure.-

1. (1) The Syndicate shall prepare the financial estimates of the income and expenditure of the University for the ensuing year before such date as may be prescribed by the Statutes and forward the same together with a memorandum containing explanatory notes thereon to the Chancellor for consideration.
2. (2) The Chancellor shall consider the financial estimates and shall approve it either without alteration or with such alteration as he may deem fit.

Restriction on diversion of funds .- The University shall not -

1. (a) without the prior approval of the Government,
   • (i) divert funds earmarked for a purpose for any other purposes; or
   • (ii) implement any scheme which involves any matching contribution from the Government; or
2. (b) implement any scheme which imposes a recurring liability on the Government after the assistance from the sponsoring authority ceases.

Annual accounts.-

1. (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.
2. (2) The annual accounts together with the audit report thereon shall be published by the Syndicate and copies of such accounts and audit report shall be placed before the Senate and submitted to the government and the Chancellor.
3. (3) The annual accounts shall be considered by the Senate at its annual meting and the Senate may pass resolutions with reference thereto and communicate the same to the Syndicate which shall take action in accordance therewith.

Annual report.-

1. (1) The annual report of the University shall be prepared under the direction of the Syndicate and shall be presented to the Senate for its review on or before such date as may be prescribed by the Statutes.
2. (2) The Senate shall pass a resolution on the annul report and communicate the resolution to the Syndicate.
3. (3) The Syndicate shall inform the Senate of the action taken by it on the resolution passed by the Senate under sub-section
4. (2) and shall submit a copy of the annul report together with a copy of the resolution of the Senate under sub-section
5. (2) to the Government and the Chancellor.
6. (4) The government shall, as soon as the annual accounts and annual report are received, cause the same to be laid on the Table of the State Legislative Assembly.

Audit of accounts of the University .- The accounts of the University shall be audited in the manner provided in the Kerala Local Fund Audit Act, 1994 (14 of 1994)