Chapter VIII FINANCE

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 contribution or grant by Government ;
   • (b) the income of the University from all sources including income from fees and charges and sale-proceeds of farm-products ;
   • (c) bequests, donations, endowments and other grants, if any received by the University.
3. (3) The University shall have and maintain a Contingency Fund under a separate heading in the University accounts, to which shall be credited such sums as may, from time to time, be granted as contributions or grants by Government specially for this purpose. Such Fund shall be used for meeting the initial expenditure and thereafter for making advances for the purposes of meeting unforeseen expenditure.
4. (4) With the previous sanction of the State Government, any portion of the University Fund may, from time to time, be credited by the University to a separate heading in the University accounts, provided that there shall be credited and debited to such special heading such sums only as shall expressly relate to the objects for which a special fund is so created.
5. (5) The University Fund shall, at the discretion of the Executive Council, be kept in the State Bank of India, or in any scheduled bank as defined in the Reserve Bank of India Act, 1934, which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949, or in a co-operative bank approved by the State Government for the purpose, or be invested in securities authorised by the Indian Trusts Act, 1882, or, subject to the maximum limit of rupees five laks, in the shares of, or by giving loans to, consumers' co-operative societies established for the purposes of the University or any of the affiliated colleges or recognised institutions.

(1)

1. (a) During the period of stabilization of the University, the State Government shall prescribe the date by which and the manner in which the University shall prepare the annual financial estimates of receipts and expenditure of the University.
2. (b) The Executive Council shall consider the estimates so prepared and approve them, with or without modifications and submit them, as approved by it, to the State Government for its sanction.
3. (c) The State Government may pass such orders with reference to the said estimates as it thinks fit and communicate the same to the University which shall give effect to such orders. (2)
4. (a) After the period of stabilization of the University is over, the Vice-Chancellor shall cause to be prepared by the Comptroller of the University on or before such date as may be prescribed the annual financial estimates for the ensuing year and submit them to the Executive Council and to the Court for consideration and suggestions, if any.
5. (b) The Executive Council may consider the suggestions made by the Court and approve the said estimates, with or without modifications.

1. (1) The Executive Council shall constitute a Finance Committee consisting of the following persons :—
   • (a) The Vice-Chancellor—ex-officio Chairman,
   • (c) Three members chosen by the Executive Council from amongst its members. [The Comptroller shall be ex-officio Secretary of the Finance Committee].
2. (2) The Finance Committee shall have the following powers :—
   • (a) to examine the annual financial estimates of the University and to advice the Executive Council thereon,
   • (b) to examine the annual accounts of the University and to advice the Executive Council thereon,
   • (c) to review the financial position of the University from time to time,
   • (d) to make recommendations to the Executive Council on all matters relating to the finances of the University,
   • (e) if so directed by the Executive Council, to make recommendations to the Executive Council on any proposals made by the Executive Council involving expenditure for which no provision exists in the budget or which involves expenditure in excess of the amount provided in the budget.

1. (1) The annual accounts of the University shall be prepared by the Comptroller under the direction of the Vice-Chancellor, and all monies accruing to or received by the University from whatever source and all amounts disbursed and paid by the University shall be entered in the accounts.
2. (2) The annual accounts and the balance-sheet shall be submitted by the Vice-Chancellor to the State Government, which shall cause an audit to be carried by an auditor appointed by it, in consultation with the Comptroller and Auditor-General of India. The accounts when audited shall be printed and copies thereof together with the copies of the audit report shall be presented by the Vice-Chancellor to the Executive Council, the Court and the Chancellor.
3. (3) The Executive Council shall submit a copy of the accounts and the audit report to the State Government along with the statement of the action taken by the University on the audit report, and the State Government shall cause the same to be laid before each House of the State Legislature.