The Institute of Chartered Financial Analysis of India University, Sikkim (Amendment) Act

(1) This Ac, nay be ca,ted rhe tnsliruie or C.alereq Fi-anc,ar Ana,,Sis Ot -oia University,Sikkinr Act, 2004. (2) It shali come into force on such daie as the Siaie Governraefi may by nolification in the Officiat Gazette, appoint. (1) This Act may be called the Institute of Chartered Financial Analysis of India University, Sikkim (Amendment) Act 2017. (2) It shall come into force at once.

(1) l- tnis Act, unless lhe conrext otnerwise requ.res: (i) "Academic Colncil', means the Academic Council of lhe Universityi (ii) "AtCTE,,means ihe Atj tndta Council for Technical Educalion eslabli;hed under section 3 of the A India Councll for Technicat Education Act, l9B7; (iii) "Aftiliated Co ege,,means a co ege or an institution which s alf iated to rhe University; (iv) " Annual Beporl,'means the Annual report of the University as refe(ed to ln sect,on a4 ol itse Acl; (v) '' Board ot Governors', means ttse Boa.d ol Governors 01 tne [Jn /ers,rv consl,luteo u.der secion 20 ol lhe Act ; (vi) " Board ol Management,, mear.rs the Board Of lvlanagernent of the University as constituied under seciion 2i of the Act ; (vii) "Chancetto/' means the Chancellor of the Universily appointed under section 13 of the Act ; (viii) "Constituent College,,means a coliege or an inslitution maintained by the Un:vers:ly: (ix) " development fu n d,, means the development fu nd of the University establis h ed "nder secrion 42 oi the Acl , (x) "Dlsra.ce Educario.r Sysre.r,means the sysien ol rnparlino edLrcal on rnroug. any.rears of ihiormal:on rec-notogy ano conn,niiat,o- s_c,. a. mu timedia, broadcasling, tetecasting, onti;ov", ini"r" In the Institute of Chartered Financial Analysis of India University, Sikkim Act 2004, the expression "The Institute of Chartered Financial Analysis of India University, Sikkim" shall be substituted for the words "The Institute of Chartered Financial Analysis of India University" wherever they occur.

(1) The Sponsor shall have the right to establish the Universily in accordance with the orovisions ot this Act. (2) in afplication containing the proposalto establish a Universlty shall be made to the State Government bY the Sponsor. (3) The oroDosal mav contain the following partlculals 4amely:- (a) the otrecis ol rhe Jniversitv alongwilh the details of the Sponsor : (b) tne exterr ana stat-s ol t-e Univers.ty and the avairabil;ly of and : (c) the ""trre "no type ol orograms ot stLoy and resea'ch Io be u_dertaKen 'n lhe Univelsrly during a pelioo ot the nexl iive yeals : (d) on,r r6ea2r^h nrnhosed to be staded ; (e) the campus-development sLrch as buildings,equipment and strLrctural amenities; (f) the phased ouiLays of capital expenditure for a period ol ihe next five years; (g) the item.wise recurrino expenditure, sources of linance and estirnated expenditure lor each student ; (h) the scheme lor mobilizing resources and the cost of capitai thereto and the manner ol repaymenrc lo each soLlrce ; (i) the scheme ol generation ot lunds internally through the recovery of tee from students,revenues anticipated lrom consullancy and other actjvities relating to the objects of the University and other anticipated incomes ; (j) the details ol expenditure on unit cosl, the extent ot concessiors or rebates . in Jee,freeship and scholarship for students belonging to economically weaker sections andthefeestructure indicating varying rate ofiee, ifany, thatwouid be levied on non-residenl lndians and students of oiher nationaliiies ; (k) the years of experience and expefiise ln the concerned disciptjne at ihe command ol the Sponsor as wel, as the linancial resources ; (l) the system forselection otsiudents to thecourses ofstudy atthe University; and (m) status offulfillment of such otherconditions as may be required by the State Governmont to be fulfilled befor€ the establishment oi the University. In the Principal Act, in section 2, (i) clauses (xvii), (xviii) and (xix) shall be omitted; (ii) In clause (xxvi) the words "or in a constituent college or institution and includes the Principal of a constituent college or institution" shall be omitted.

(1) Wherethe State Government, aftersuch inquiry as it may deem necessary, is satistied that the Sponsor has futfilted the conditions ;pecified in sub"section (2) of Section 3, it may direct the Sponsor, to establish an endowmenl Ilrnd- (2) After the establishment of lhe endowmeni lund, the State Government may, by notification in the Oifjcial Gazette, accord sanction for eslablishment; the Universiiy. (3) The headquarters oi University shall be in Sikkim and it may have campuses or Flegional Cenkes, Siudy Centres anywhere in lndia and abroad with _ approval ol the Board ot Governors. (4) The Chanceltor, the Vice-Chancellor, membsrs of the Board of Governors, ' members of the Board of L4anagement and the Academic Council for the time being holding otfice as such irl the University so established, shal constitute a body corporate and can sue and be sued in the name oJ the . University. ' (5) On the establishmeni of the Univetsity under sub_seciion (2), the tand and other movable and immovable properiies acquired, creaied,' arran ged or built by the University'ror the purpose of the University in the btate o'i Sikkim shall vest in the Universitv .(6) Tho land,.building and oth;r properlies acquired for the University shalt not be used for any purpose olher than that for which the same is a;quired. In the principal Act, in section 4, in sub-section (3), for the words "anywhere in India and abroad" the words "anywhere in the State of Sikkim" shall be substituted.

The University shall be self-financing and shall neither make a demand nor shall be entitled to any grant-in-aid or any other financial assistance from the State Government or any other body or corporation owned or controlled by the State Government. In the principal Act, in section 6 - (i) In sub-section (1) the words "constituent colleges" shall be omitted; (ii) sub-section (2) shall be omitted.

r he objectives for whrch rhe Universily is established a.e as fol.ows :- (a) To provide tnstruction, teaching, lraining and research in special;zeo fieids 0t Ftnance and l\4anagemeri inc,udinq Financial Ana,ysis ( teading to lhe . ..4 The objectives for which the University is established are as follows :- (a) To provide instruction, teaching, training and research in specialized fields of Finance and Management including Financial Analysis (leading to the CFA Charter and Designation), Accounting (leading to the CPA Certificate and Designation), Banking, Insurance, Financial Services, Financial Engineering, Business Management, Law, Education, Medical Sciences, Social Sciences, Engineering and Technology and related subjects and make provisions for research, advancement and dissemination of knowledge therein; (b) to establish a campus in the State of Sikkim and to have study centers, campuses and examination centers at different places in India and abroad; (c) to institute degrees, diplomas, charters, certificates and other academic distinctions on the basis of examination or any other method of evaluation; (d) to collaborate with other colleges or universities, research institutions, industry associations, professional associations including the Council of Chartered Financial Analysts and the society of Certified Public Accountants or any other organization in India or abroad to conceptualize, design and develop specific educational and research programs, training programs and exchange programs for students, faculty members and others; (e) to disseminate knowledge through seminars, conferences, executive education programs, community development programs, publications and training programs; (f) to undertake programs for the training and development of faculty members and other staff at the University or at other institutions in India or abroad; (g) to undertake collaborative research with any organization in India or abroad; (h) to create higher levels of intellectual abilities for public or private organization; (i) to provide consultancy to industry, Government and public organization; (j) to ensure that the standards of the degrees, diplomas, charters, certificates and other academic distinctions are not lower than those laid down by the University Grants Commission (UGC) Act, All India Council for Technical Education (AICTE), Bar Council of India (BCI), the Distance Education Council (DEC), the Dental Council of India (DCI), the Indian Nursing Council (INC), the Medical Council of India (MCI), the National Council for Teacher Education (NCTE), the Pharmacy Council of India (PCI) and other National Accreditation bodies; (k) to do all things necessary or expedient to promote the above objectives; and (l) to pursue any other objective as may be approved by the State Government. In the principal Act in section 8 - (i) in clause (a), after words "Study Centres" the words, "anywhere within the State of Sikkim" shall be inserted; (ii) clause (c) the words "the CFA Charter Designation" shall be omitted; (iii) in clause (g), the words "or constituent college, affiliated colleges, located in India and abroad" shall be omitted; (iv) in clause (h) the words "or a constituent college" shall be omitted; (v) in clause (i) the words "or a constituent college at main campus and other campus in India and abroad" shall be omitted; (vi) in clause (o) the words "constituent colleges, affiliated colleges" shall be omitted; (vii) in clause (p), the words "or in constituent college, affiliated college" shall be omitted.

The University shall have the following powers, namely :- (a) to establish, maintain and recognize such Regional centres and Study centres as may be determined by the University from time to time in the manner laid down by the Statutes; (b) to carry out all other activities as may be necessary or feasible in furtherance of the objects of the University; (c) to confer degrees, diplomas, charters, certificates or other academic distinctions and professional designations including the CFA Charter and Designation, the CPA certificate and Designation in the manner and under conditions laid down in the Statutes; (d) to institute and award fellowships, scholarships and prizes etc., in accordance with the Statutes; (e) to demand and receive such fees, bills, invoices and collect charges as may be fixed by the Statutes or rules, as the case may be; (f) to make provision for extra curricular activities for students and employees; (g) to make appointments of the faculty, officers and employees of the University or a constituent college, affiliated colleges, Regional centres, Study centres in India and abroad; (h) to receive voluntary donations or gifts of any kind and to acquire, hold, manage, maintain and dispose of any movable or immovable property, including trust and endowment properties for the purpose of the University or a constituent college, or Regional Centre, Study Centre; (i) to institute and maintain halls and to recognize places of residence for students of the University or a constituent college at the main campus and other places in India and abroad; (j) to supervise and control the residence, and to regulate the discipline among the students and all categories of employees and to lay down the conditions of service of such employees, including the code of conduct; (k) to create academic, administrative and support staff and other necessary posts; (l) to co-operate and collaborate with other Universities and Institutions in India and abroad and for such purposes as the University may determine from time to time; (m) to offer programs on distance learning basis and continuing education in the manner in which such programs are offered by the University; (n) to organize and conduct refresher courses, orientation courses, workshops, seminars and other programs for teachers, developers of course material, evaluation faculty and other academic staff; (o) to determine standards of admission to the University, constituent colleges, Regional centres, Study centres with the approval of an Academic Council; (p) to make special provision for students belonging to the State of Sikkim for admission in any course of the University or in a constituent college, regional centre or study centre; (q) to do all such other acts or things whether incidental to the powers aforesaid or not as may be necessary to further the objects of the University; (r) to prescribe such courses for Bachelor Degree, Master Degree, Doctor of Philosophy, Doctor of Science Degrees and Research and such other degrees, diplomas, Charters, Certificates etc.; (s) to provide for the preparation of instructional materials, including films, cassettes, tapes, video cassettes, CD, VCD and other software; (t) to recognize examinations or periods of study (whether in full or in part) of other Universities, institutions or other places of Higher learning as equivalent to examinations or periods of study in the University; (u) to raise, collect, subscribe and borrow with the approval of the Board of Governors whether on the security of the property of the University, money for the purposes of the University; (v) to enter into, carry out, vary or cancel contracts; and (w) to do all things necessary or expedient to exercise the above powers. In the principal Act, in section 29, [Content truncated in source provided]

The University shall be open to all persons irrespective of class, caste, creed, religion, language or gender: Provided that nothing in this section shall be deemed to prevent the University from making special provisions for admission to students of the State.

(1) The University will seek, obtain and retain accreditation from respective national accreditation bodies and be subject to relevant provisions of the University Grants Commission Act, 1956 and the Regulations/Guidelines made thereunder from time to time relating to private Universities. (2) The university shall obtain prior permission/ recognition from National council for Teacher Education (NCTE) and Bar Council of India before commencing. (s) (h) to make appointments of the faculty, officers and employees of the University or a constituent college, affiliated colleges, Region, in India and abroad; (i) to acquire, hold, manage, maintain and dispose of any movable or immovable property, including trust and endowment properties for the purpose of the University or constituent college, Regional Centre, Study Centre; (j) to institute and maintain halls and to recognize places of residence for students of the University or a constituent college at the main campus and other places in India and abroad; (k) to supervise and control the residence, and to regulate the discipline among the students and all categories of employees and to lay down the conditions of service of such employees, including the code of conduct; (l) to create academic, administrative and support staff and other necessary posts; (m) to co-operate and collaborate with other Universities and Institutions in India and abroad and for such purposes as the University may determine from time to time; (n) to offer programs on distance learning basis and continuing education and the manner in which such programs are offered by the University; (o) to organize and conduct refresher courses, orientation courses, workshops, seminars and other programs for teachers, developers of course material, evaluation faculty and other academic staff; (p) to determine standards of admission to the University, constituent college, regional centre, study centre which may include examination, evaluation or any other method of testing; (q) to make special provision for students belonging to the state of Sikkim for admission in any course of the University or in a constituent college, regional centre or study centre; (r) to do all such other acts or things whether incidental to the powers aforesaid or not as may be necessary to further the objects of the University; (s) to prescribe such courses for Bachelor Degree, Master Degree, Doctor of Philosophy, Doctor of Science Degrees and Research and such other Degrees, Charters, Certificates etc.; (t) to provide for the preparation of instructional materials, including films, cassettes, tapes, video cassettes, CD, VCD and other software; (u) to recognize examinations or periods of study (whether in full or in part) of other Universities, institutions or other places of higher learning as equivalent to examinations or periods of study in the University and to withdraw such recognition at any time; (v) to raise, collect, subscribe and borrow with the approval of Board of Governors whether on the security of the property of the University, money for the purposes of the University; (w) to enter into, carry out, vary or cancel contracts; (x) to do all things necessary or expedient to exercise the above powers. The University shall be open to all persons irrespective of class, caste, creed, religion, language or gender: Provided that nothing in this section shall be deemed to prevent the University from making special provisions for admission to students of the state. (1) The University will seek, obtain and retain accreditation from respective national accreditation bodies and be subject to relevant provisions of the University Grants Commission Act, 1956 and the Regulations/Guidelines made thereunder from time to time relating to private Universities. (2) The university shall obtain prior permission/ recognition from National council for Teacher Education (NCTE) and Bar Council of India before commencing Teachers' Training programs and Law Education Program respectively for conferring graduate or post graduate degrees. For technical courses, prior permission of the All India Council for Technical Education (AICTE) shall be obtained. For other programs permission or recognition from concerned authorities/bodies, if required by any law for the time being in force, shall be obtained. (3) As regards other programs on technical education the relevant laws, rules, regulations etc. in the matter of obtaining approval/recognition or maintaining standards shall apply to the University.

The following shall be the officers of the University, namely:- (a) The Chancellor; (b) The Vice-Chancellor; (c) The Registrar; (d) The Finance Officer; and (e) Such other offices as may be declared by the Statutes to be officers of the University.

(1) The Governor of Sikkim will be the Visitor of the University. (2) The Visitor shall, when present, preside at the convocation of the University for conferring Degrees, Diplomas, Charters, Designations and Certificates. (3) The Visitor shall have the following powers, namely:- (a) To call for any paper or information relating to the affairs of the University. (b) On the basis of the information received by the Visitor, if he is satisfied that any order, proceeding, or decision taken by any authority of the University is not in conformity with the Act, Regulations, or Rules, he may issue such directions as he may deem fit in the interest of the University and the directions so issued shall be complied with by all concerned.

(1) The Sponsor shall, with the prior approval of the Visitor, appoint a person suitable to be appointed as the chancellor of the university. (2) The Chancellor so appointed shall hold the office for a period of five years. (3) The Chancellor shall be the head of the University. (4) The Chancellor shall preside at the meeting of the Board of Governors and shall, when the Visitor is not present, preside at the convocation of the University for conferring degrees, diplomas, Charters, Designations or Certificates. (5) The Chancellor shall have the following powers:- (a) [Missing clause description in source] (b) To appoint the Vice-Chancellor; (c) To remove the Vice-Chancellor; (d) Such other powers as may be conferred on him by this Act or the Statutes made thereunder.

(1) The Vice-Chancellor shall be appointed on such terms and conditions as may be prescribed by the Statutes for a term of four years by the Chancellor. (2) The Vice-Chancellor shall be appointed by the Chancellor from a panel of three persons recommended by the Board of Governors and shall hold office for a term of four years: Provided that, after expiration of the term of four years, the vice-chancellor shall be eligible for re-appointment for another term not exceeding four years. (3) The Vice-Chancellor shall be the principal executive and academic officer of the University and shall exercise general supervision and control over the affairs of the University and give effect to the decisions of the authorities of the University. (4) If in the opinion of the Vice-Chancellor it is necessary to take immediate action on any matter for which powers are conferred on any other authority by or under this Act, he may take such action as he deems necessary and shall at the earliest opportunity thereafter report his action to such officers or authority as would have in the ordinary course dealt with the matter: Provided that if in the opinion of the concerned authority such action should not have been taken by the Vice-Chancellor, then such case shall be referred to the Chancellor, whose decision thereon shall be final. Provided further that where any such action taken by the vice-chancellor affects any person in the service of the University, such person shall be entitled to prefer, within three months from the date on which such action is communicated to him, an appeal to the Board of Governors and the Board of Governors may confirm or modify or reverse the action taken by the Vice-Chancellor. (5) If in the opinion of the Vice-Chancellor any decision of any authority of the University is outside the powers conferred by this Act, Statutes or is likely to be prejudicial to the interest of the University, he shall request the concerned authority to revise its decision within seven days from the date of his decision and in case the authority refuses to revise such decision wholly or partly or fails to take any decision within seven days, then such matter shall be referred to the Chancellor and his decision thereon shall be final. (6) The Vice-Chancellor shall exercise such other powers and perform such other duties as may be laid down by the Statutes or the rules. (7) The Vice-Chancellor shall preside at the convocation of the University in the absence of the Chancellor, for conferring degrees, diplomas, Charters, Designations or Certificates. (8) The Chancellor is empowered to remove the vice-chancellor after due enquiry. It will be open to the chancellor to...

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(1) The appointment of the Registrar shall be made in such manner as may be prescribed by the Statutes. (2) All contracts shall be signed and all documents and records shall be authenticated by the Registrar on behalf of the University. (3) The Registrar shall exercise such other powers and perform such other duties as may be prescribed or may be required from time to time, by the Board of Governors. (4) The Registrar shall be responsible for the due custody of the records and the common seal of the University and shall be bound to place before the Chancellor, the Vice-Chancellor or any other authority, all such information and documents as may be necessary for transaction of their business. (5) The Registrar shall exercise such powers and perform such duties as may be prescribed by the Statutes.

The Finance Officer shall be appointed by the Board of Governors in such manner and shall exercise such powers and perform such duties as may be prescribed by the Statutes.

The manner of appointment, terms and conditions of service and powers and duties of the other officers of the University shall be such as may be prescribed by the Statutes.

The following shall be the authorities of the University, namely:- (a) The Board of Governors; (b) The Board of Management; (c) The Academic Council; (d) The Finance Committee; and (e) Such other authorities as may be declared by the Statutes to be the authorities of the University.

(1) The Board of Governors shall consist of the following, namely: (a) The Chancellor; (b) The Vice-Chancellor; (c) A nominee of the UGC; (d) Three persons nominated by the Sponsor; (e) One representative of the State Government; (f) Two educationists of repute to be nominated by the Visitor; (g) Two academicians to be nominated by the Chancellor. (2) The Chancellor shall be the Chairman of the Board of Governors. (3) The Registrar shall be an ex-officio Secretary of the Board of Governors. (4) The Board of Governors shall be the supreme authority and principal governing body of the University and shall have the following powers, namely: (a) To appoint the Statutory Auditors of the University; (b) to lay down policies to be pursued by the University; (c) to review decisions of the other authorities of the University if they are not in conformity with the provisions of this Act or the Statutes or the rules; (d) to approve the budget and annual report of the University; (e) to make new or additional Statutes and rules or amend or repeal the earlier Statutes and rules; (f) to take decision about voluntary winding up of the University; (g) to approve proposals for submission to the State Government; and (h) to take such decisions and steps as are found desirable for effective carrying out the objects of the University. (5) The Board of Governors shall meet at least twice in a calendar year at such time and place as the Chancellor thinks fit.

(1) The Board of Management shall consist of the following, namely: (a) The Vice-Chancellor; (b) The Registrar; (c) Four persons nominated by the Sponsor; (d) Two Deans of the faculties as nominated by the Chancellor; (e) One representative to be nominated by the State Government. (2) The Vice-Chancellor shall be the Chairperson of the Board of management and the Registrar shall be the Secretary of the Board of Management. (3) The powers and functions of the Board of Management shall be such as may be prescribed by the Statutes.

(1) The Academic Council shall consist of the following, namely: (a) The Vice-Chancellor - Chairman; (b) The Registrar - Secretary; (c) Such other members as may be prescribed in the Statutes. (2) The Academic Council shall be the principal academic body of the University and shall, subject to the provisions of this Act, the Statutes and the rules, coordinate and exercise general supervision over the academic policies of the University.

(1) The Finance Committee shall consist of the following, namely: (a) The Vice-Chancellor - Chairman; (b) The Registrar - Secretary; (c) The Finance Officer - Member; (d) Such other members as may be prescribed in the Statutes. (2) The Finance Committee shall be the principal financial body of the University to take care of financial matters and shall, subject to the provisions of this Act, Statutes and rules, coordinate and exercise general supervision over the financial matters of the University.

The constitution, powers and functions of the other authorities of the University shall be such as may be prescribed by the Statutes.

No act or proceeding of any authority of the University shall be invalid merely by reason of the existence of any vacancy or defect in the constitution of the authority.

Subject to the provisions of this Act and rules, the Statutes may provide for any matter relating to the University and shall, as given below: (a) The constitution, powers and functions of the authorities and other bodies of the University as specified in the Act and such other authorities as may be constituted from time to time; (b) The operation of the endowment fund, the general fund and the development fund; (c) The terms and conditions of appointment of the Vice-Chancellor, the Registrar and the Finance Officer and their powers and functions; (d) The mode of recruitment and the conditions of service of the other officers, teachers and employees of the University; (e) The procedure for resolving disputes between the University and its officers, teachers, members, employees and students; (f) Creation, abolition or restructuring of departments and faculties; (g) The manner of cooperation with other Universities or institutions of higher learning; (h) The procedure for conferment of honorary degrees; (i) Provisions for grant of fellowships, scholarships, studentships, medals and prizes; (j) Provisions for maintenance of discipline among the students; (k) The procedure for admission of students to such courses; (l) The fee chargeable from students for various courses of studies provided that the fee shall not be increased in any Statutes related to the classes or duration of studies without the prior approval of the State Government; (m) Constitution of fellowships, scholarships, studentships, medals and prizes; (n) Procedure for creation and abolition of posts; (o) All other matters which by this Act are required to be provided. The first Statutes framed by the Board of Governors shall be submitted to the State Government for its approval. The Board of Governors may, with the prior approval of the State Government, make new or additional Statutes or amend or repeal the Statutes.

(1) Every employee shall be appointed under a written contract, which shall be kept in the University and a copy of which shall be furnished to the employee concerned. (2) Disciplinary action against the students/employees shall be governed by procedure prescribed in the Statutes.

The University shall constitute for the benefit of its employees such pension or provident fund and provide such insurance schemes as it may deem fit in such manner and subject to such conditions as may be prescribed.

If any question arises as to whether any person has been duly elected or appointed as, or is entitled to be, a member of any authority or other body of the University, the matter shall be referred to the Chancellor whose decision thereon shall be final.

Any authority of the University mentioned in section 19 shall be empowered to constitute a committee for such purpose as such authority may deem fit and such committee shall perform such powers and duties as the constituent authority may assign.

Any casual vacancy among the members, other than ex-officio members, of any authority or body of the University shall be filled in the same manner in which the member whose vacancy is to be filled, was chosen as a member of such authority or body of the University and the person filling the vacancy shall be a member of such authority or body for the residue of the term for which the person whose place he fills would have been a member.

No suit or other legal proceedings shall lie against any officer, or other employee, of the University for anything which is in good faith done or intended to be done in pursuance of any of the provisions of this Act, the Statutes or the rules made thereunder.

Notwithstanding anything contained in any other provisions of this Act and the Statutes— (a) The first Vice-Chancellor shall be appointed by the Sponsor in such manner and on such conditions as may be prescribed for a term of three years; (b) The first Registrar and the first Finance Officer shall be appointed by the Sponsor, who shall hold office for a term of three years; (c) The first Board of Governors shall be constituted by the Sponsor for a period of three years; (d) The first Board of Management, Academic Council, Finance Committee and Board of Studies shall be constituted by the Sponsor for a term of three years.

(1) The University shall establish an endowment fund of at least Rupees one crore. (2) The University shall have power to invest the endowment fund in such manner as may be prescribed. (3) The University may transfer any amount from the endowment fund or the general fund to the development fund or endowment fund in any other circumstances; but no amount shall be transferred from the endowment fund for other purposes. (4) Not exceeding 75 percent of the incomes received from the endowment fund shall be used for the purposes of the University and the remaining 25 percent shall be reinvested into the endowment fund.

(1) The University shall establish a general fund to which the following amount shall be credited: (a) all fees which may be charged by the University; (b) all sums received from any other source; (c) all contributions made by the Sponsor; (d) all contributions/donations made in this behalf by any other person or body, which are not prohibited by any law for the time being in force. (2) The funds credited to the general fund shall be applied to meet the following payments, namely: (a) the repayment of debts including interest charges thereto incurred by the University for the purposes of this Act, the Statutes and the rules made thereunder; (b) the upkeep of the assets of the University; (c) the payment of the cost of audit of the fund created under section 41; (d) meeting the expenses of any suit or proceedings to which University is a party; (e) the payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff; (f) the payment of traveling and other allowances of the members of the Board of Governors, the Board of Management, Academic Council, and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act or the Statutes or the rules made thereunder; (g) the payment of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Statutes or rules of the University under the provisions of this Act; (h) the payment of any expenses incurred by the University in carrying out the provisions of this Act and the Statutes or the rules made thereunder; (i) the payment of cost of capital not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the university and the investments made; (j) the payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act and the Statutes and the rules made thereunder; Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Board of Management without the previous approval of the Board of Management; Provided further that the General fund shall be applied for the objects specified under sub-section (2) with the prior approval of the Board of Management of the University.

(1) The annuai report of the universiiy shall be prepared under the direction of the Board of Management and shall be submitted to the Board of Governors for its approval. (2) The Board of Governors shall consider the annual repon in its meeting and may approve the same with or without modification. (3) A copy of the annual report duly approved by the Board of Governors shall be sent to the Visitor and the State Government on or before December 31 following close of the financial year in March 31 each year.

(1) The annual accounts and Balance Sheet of the University shall be prepared under the direction of the Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University. (2) The annual accounts of the University shall be audited by a chartered accountant, who is a member of the Institute of Chartered Accountants of India or such audit firm as may be prescribed. (3) A copy of the annual accounts and the Balance Sheet together with the audit report shall be submitted to the Board of Governors on or before December 31 following close of the financial year in March 31 each year. (4) The annual accounts, the Balance Sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Visitor and the State Government along with its comments on or before December 31 each year. (5) In the event of any material qualifications in the Report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University.

A copy of any receipt, application, notice, order, proceeding or resolution of any authority or committee of the University or other documents in possession of the University or any entry in any register duly maintained by the University, if certified by the Registrar, shall be received as prima facie evidence of such receipt, application, notice, order, proceeding, resolution or document or the existence of entry in the register and shall be admitted as evidence of the matters and transaction therein recorded where the original thereof would, if produced, have been admissible in evidence.

[Refer to Section 26, paragraph 2]

The Rules shall be made by the Board of Governors and shall be submitted to the State Government for its approval.

(1) The University shall also establish a development fund to which the following funds shall be credited, namely: (a) Development fees which may be charged from students; (b) all sums received from any other source for the purposes of the development of the University; (c) all contributions made by the Sponsor; (d) all contributions/donations made in this behalf by any other person or body which are not prohibited by any law for the time being in force; and (e) all incomes received from the endowment fund. (2) The funds credited to the development fund from time to time shall be utilized for the development of the University.