Professional Education Fund.

(1) The Government, by notification in the official Gazette, shall constitute a fund to be called the "Professional Education Fund" along with the guidelines for its operation for providing freeship and scholarship to students of professional educational institutions and in such other activity as may be decided by the Government from time to time. (2) The corpus of the fund shall be contribution from the Government, contribution from industries, alumni, donation and amount of fine levied under this Act; Provided that any alumni may assign the donation to spent in a particular institution for any specific purpose for improvement of the quality of professional education. (3) The fund shall be administered by an administrator appointed by the Government and the administration of the fund shall be in such manner as may be prescribed. (4) The accounts of the fund shall be audited annually by the Accountant-General of Orissa. (5) The administrator shall, before such date, in such form and at such interval as may be prescribed, submit a report to the Government and the Government shall cause a copy of such report to be laid before the Orissa Legislative Assembly.