Chapter VII UNIVERSITY FUNDS, ANNUAL REPORT AND ACCOUNTS

(1) The University shall have General Fund to which shall be credited (a) its income from fees, grants, donations and gifts, if any; (b) any contribution or grant made by the Central Government or any State Government or any local authority or the University Grants Commission or any other similar body or any corporation owned or controlled by the Central or any State Government. (c) endowments and other receipts; and (d) the money borrowed by it.

The University may have such funds as may be prescribed.

The funds and all moneys of the University shall be managed in such manner as may be prescribed.

The annual report of the University shall be prepared by the Syndicate and shall be submitted to the Academic Council on or before such date as may be prescribed and shall be considered by the Academic Council at its next annual meeting. The Academic Council may pass resolutions thereon and communicate the same to the Syndicate which shall take action in accordance therewith. The Syndicate shall inform the Academic Council of the action taken by it. A copy of the report with a copy of the resolution thereon, if any, of the Academic Council shall be submitted to the Government.

(1) The annual accounts of the University, shall be submitted to such examination and audit as the Government may direct and a copy of the annual accounts and audit report shall be submitted to the Government. (2) The University shall settle objections raised in such audit and carry out such instructions as may be issued by the Government on the audit report. (3) The accounts, when audited, shall be published by the Syndicate in such manner as may be prescribed and copies thereof shall be submitted to the Academic Council at its next meeting and to the Government within three months of such publications. (4) The Government shall cause the annual audited accounts and annual report to be laid before both Houses of Legislature together with their comments.