Chapter VI UNIVERSITY FUNDS AND ACCOUNTS

(1) The University shall have a general fund to which shall be credited: (i) all grants, loans received from the Indian Council of Agricultural Research or the Central Government or State Government. University Grants Commission or like authority or any local authority or any corporation owned or controlled by such Government; (ii) the income received by the University from fees, charges, consultancies etc; (iii) any bequeaths, donations, endowments or other grants made by private individuals or institutions; (iv) any contributions or endowments from foreign Governments or any foreign institutions or companies subject to any law for the time being in force; (v) the amounts received from any other source. (2) The fund shall be kept in a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (Central Act 2 of 1934) or in a corresponding new bank constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970) or may be invested in securities authorized by the Indian Trusts Act, 1882 (Central Act 2 of 1882), as may be decided by the Management Council. (3) The fund shall be employed for any of the purposes of the University in the manner prescribed by the Statutes. (4) The funds and all money of the University shall be managed in such manner as may be prescribed.

(1) The University shall constitute, for the benefit of its employees, such pension, gratuity and provident fund schemes, as it may deem fit, in such manner and subject to such conditions as may be prescribed by the statutes. (2) Where any pension fund or provident fund has been constituted by the University for the benefit of its officers, teachers or employees, the Government may declare that the provisions of the Provident fund Act, 1925 (Central Act 19 of 1925) shall apply to such fund as if it were a Government Provident fund.

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

(1) The University shall receive as grant-in-aid for its maintenance such sums provided by the State Government in the State's annual budget, subject to such conditions as may be fixed by the State Government from time to lime. (2) The State Government may, pay to the University such other grants, subject to such conditions as they may think fit, for specific purposes. (3) The University shall furnish to the State Government such statements, accounts, reports and other particulars, as it may require before any grant is made by it, and the University shall lake such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant, within such time and in such manner as the State Government may direct. (4) It shall be competent for the University in furtherance of its objects to accept grants from the Government of Kerala or any other State Government or the Central Government or Statutory Bodies and endowments or donations under such conditions as may be agreed upon between the University and the granter or donor.

(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 Management Council for approval. (2) The Management Council may approve the financial estimates

(1) The annual accounts and the balance sheet of the University shall be prepared by the finance Officer under the direction of the Vice-Chancellor and all moneys accruing to, or received by, the University, from whatever source and all amounts disbursed or paid by the University shall be entered in the accounts. (2) The annual accounts and the balance sheet shall be submitted by the Vice-Chancellor to the Government, which shall cause an audit to be carried out by such persons as it may appoint in this behalf. The accounts when audited shall be printed and copies thereof, together with the audit report, shall be presented by the Vice-Chancellor to the Management Council and the Chancellor. (3) The Management Council shall submit a copy of the accounts and the report to the Government along with a statement of the action taken by the University on the audit report, and the State Government shall cause the same to be laid before the Legislative Assembly.

The State Government shall have power, at any time, to order an audit of the accounts of the University by such auditors as it may direct, (i) to review the financial position of the University from time to time; (ii) to make recommendations to the Board of Management on all matters relating to finance to the University; (iii) to make recommendations to the Board of Management on all proposals involving expenditure for which no provision has been made in the budget or which involves expenditure in excess of the amount provided in the budget.

(1) The Annual report of the University shall be prepared and published by the University and such report as approved by the Board of Management shall be submitted to the Chancellor, the Government and the Management Council. The Management Council shall take appropriate action on the recommendations of the Board of Management and report the action taken to the Board of Management. (2) The Government shall cause the same to be laid on the table of the Legislative Assembly.

(1) The Government shall constitute an Appellate Tribunal for the purposes of this Act. (2) The Appellate Tribunal shall be a Judicial Officer not below the rank of a District Judge nominated by the Chancellor in consultation with the High Court. (3) The term of office of the Appellate Tribunal shall be three years from the date of its nomination. (4) The Appellate tribunal shall have the power to make regulations consistent with the provisions of this Act, with the previous sanction of the Government for regulating its procedure and disposal of its business. The regulations so made shall be published in the Gazette. (5) The remuneration and other conditions of service of the Appellate Tribunal shall be such as may be prescribed by the Statutes.

No Civil Court shall have jurisdiction to settle, decide or deal with any question or to determine any matter which is by or under this Act required to be settled, decided or dealt with or to be determined by any authority or person under this Act.