Chapter VII FUNDS AND ACCOUNTS

(1) The University shall have a fund called the Permanent Endowment Fund which it shall invest and keep invested in securities issued or guaranteed by the Central Government or by any State Government. (2) The said Permanent Endowment Fund shall consist of— (a) the sum of Rs. 20,00,000 given by the Hon’ble Rajah Sir S.R.M. Annamalai Chettiar; (b) the sum of Rs. 27,00,000 given to it by the Government; and (c) any contributions to this Fund made by the Government, the Central Government, any local or other public body or others.

The University shall have a 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, any State Government, the University Grants Commission or like authority, any local authority or any corporation owned or controlled by the Government; and (c) endowments and other receipts

The University may have such other funds as may be prescribed by the statutes.

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 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 the audit and carry out such instructions as may be issued by the Government on the audit report. (3) The Government shall cause the annual accounts and the audit report to be laid before the Legislative Assembly together with their comments.