Chapter V FUNDS AND ACCOUNTS

21. The University shall have a General Fund to which shall be credited-

1. (a) its income from fees, grants, donations and gifts, if any ;
2. (b) any contribution or grant made by the Central Government, any State Government, the University Grants Commission or like authority, any local authority or any corporation owned or controlled by the Government ; and
3. (c) endowments and other receipts. Explanation.-In this section, the expression "University Grants Commission" means the Commission established under section 4 of the University Grants Commission Act, 1956 (Central Act 3 of 1956).

22.

Management of funds 23.

Grants 24. The Government shall, every year, make non-lapsable lump sum grants to the University as follows :--

1. (a) a grant not less than the net expenditure incurred in the financial year immediately preceding the appointed day in respect of the activities of the institutions of engineering, technology and allied sciences which are transferred to the University ;
2. (b) a grant not less than the estimated expenditure on pay and allowances of the staff, contingencies, supplies and services of the University ;
3. (c) a grant to meet such additional items of expenditure, recurring and non-recurring, as the Government may deem necessary for the proper functioning and development of the University.

25.

Annual Accounts

1. (1) The annual accounts shall be submitted to such and audit, as the Government may direct and a copy of the annual accounts and audit report shall be submitted to the Government.
2. (2) The University shall settle objections raised in the audit and carry out such instructions as may be issued by the Government on the audit report.
3. (3) The Government shall cause the annual accounts and the audit report to be laid before both Houses of Legislature together with their comments.