Vidhi Codex

The Mahatma Gandhi Chitrakoot Gramodaya Vishwavidhyalaya Adhiniyam 1991

Chapter VI UNIVERSITY FUND, ETC.

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Chapter VI UNIVERSITY FUND, ETC.

33. Insurance and Provident Fund

Statutory text
  1. (1) The University shall constitute for the benefit of its employees in such a manner and subject to such conditions as may be prescribed by Statutes such insurance and provident funds as it may deem fit.
  2. (2) For insurance and provident funds so constituted by the University, the State Government may declare that the provisions of the Provident Funds Act,. 1925 (No. 19 of 1925) shall apply to such fund as if it were a Government Provident Fund, Provided that the University shall have power in consultation with the Board to invest the Provident Fund, amount in such manner as it may determine.
  3. (3) Persons in Government services transferred to the University shall be governed under such terms and conditions as may be agreed to between the University and Government.

Chapter VI UNIVERSITY FUND, ETC.

34. University Fund and Government Grant

Statutory text
  1. (1) The University shall establish a Fund to be called the University Fund.
  2. (2) The following shall form part of or be paid into the University Fund :-
    • (a) any rent, contribution or grant by central or State Government or by body corporate ;
    • (b) trusts, bequests, donations, endowments and other grants, if any ;
    • (c) the income of the University from all sources including income from fees and charges;
    • (d) all other sums received by the University.
  3. (3) The Government shall ordinarily make an annual grant of Rs. Two Crores. The said grant shall be released in two installments during the year. The first instalments shall be payable in the beginning of the year and the second instalment shall be payable after an interval of six months.
  4. (4) The University Fund shall kept in any Schedule Bank as defined in the Reserve Bank of India Act, 1934 (No. 2 of 1934) or vested in securities authorised by the Indian Trusts Acts, 1882 (No. 2 of 1882) at the discretion of the Board.
  5. (5) Nothing in this section shall in any way affect any obligations accepted by or imposed upon the University by any declaration of trust executed by or on behalf of the University for the administration of any trust.

Chapter VI UNIVERSITY FUND, ETC.

35. Objects to which University Fund may be applied

Statutory text
  1. (1) The University Fund shall be applicable to the following objects :-
    • (a) To the repayment of debts incurred by the University for the purposes of this Act and the Statutes, the ordinances and Regulations made thereunder;
    • (b) To the upkeep of colleges/Institutes, teaching departments, residence and halls;
    • (c) to the payment of the cost of audit of the University fund;
    • (d) to the expense of any suit or proceedings to which University is a party;
    • (e) to the payment of salaries and allowances of the employees of the University, members of the teaching staff and the establishment employed in the colleges/Institutes, the teaching department maintained by the University for and in furtherance of the purposes of this Act and the Statutes the ordinances and the Regulations made thereunder and to the payment of any provident fund, contributions, gratuity and other benefits to any such officers and employees, members of the teaching staff or the members of such establishments;
    • (f) to the payment of the travelling and other allowances of the members of the Board Academic Council and any other authorities of the University and/or the members of any committee or board appointed by any of the Authorities of the University in pursuance of any provision of this Act and the statute, the ordinances and regulations made thereunder;
    • (g) to the payment of fellowships, scholarships and other awards to students.
    • (h) to the payment of any expenses incurred by the University in carrying out the provisions of this Act and the Statutes, the ordinances, the Regulations made thereunder.
      • (i) to the payment of any other expenses not specified in any of the proceedings, clauses declared by the Board to be the expense for the purposes of the University.
  2. (2) No expenditure should be incurred by the University in excess of the limits of total recurring expenditure and total non-recurring expenditure for the year fixed by the Board without the previous approval of the Board.
  3. (3) No expenditure other than provided for in the budget shall be incurred by the University without the previous approval of the Board.

Chapter VI UNIVERSITY FUND, ETC.

36. Annual Reports and Audit of Accounts

Statutory text
  1. (1) The Comptroller shall prepare the annual account of the University which shall be audited by the Examiner Local Fund Accounts of the State.
  2. (2) The accounts of the University ahall atleast once every year at interval of not more than 15 months be audited by the Examiner of Local Fund Accounts of the State.
  3. (3) The accounts, when audited, shall form a part of the Annual Report.
  4. (4) The annual report of the University shall be prepared under the directions of the Board and shall be submitted to the Government with their comments.
  5. (5) Every report under this section shall be laid as soon as may be after it is made on the table of the Legislative Assembly.

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