Chapter IV ACCOUNTS AND AUDIT

1. (1) Every School shall maintain a Fund to which shall be credited to—
   • (a) all moneys provided by the Central Government;
   • (b) all fees and other charges received by the School;
   • (c) all moneys received by the School by way of grants, gifts, donations, benefactions, bequests or transfers;
   • (d) all moneys received by the School from utilisation of intellectual property arising from research conducted or provision of advisory or consultancy services by it; and
   • (e) all moneys received by the School in any other manner or from any other source.
2. (2) All moneys credited to the Fund of every School shall be deposited in such banks or invested in such manner as the School may, with the approval of the Finance Committee and the governing body, decide.
3. (3) The fund of any School shall be applied towards meeting the expenses of the School, including expenses incurred in the exercise of its powers and discharge of its duties under this Act.

1. (1) Every School shall maintain proper accounts and other relevant records and prepare annual statement of accounts including the balance sheet in such form and accounting standard as may be specified by notification, by the Central Government in consultation with the Comptroller and Auditor-General of India.
2. (2) Where the statement of income and expenditure and the balance sheet of the School do not comply with the accounting standards, the School shall disclose in its statement of income and expenditure and balance sheet, the following, namely:—
   • (a) the deviation from the accounting standards;
   • (b) the reasons for such deviation; and
   • (c) the financial effect, if any, arising out of such deviation.
3. (3) The accounts of every School shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by audit team in connection with such audit shall be payable by the School to the Comptroller and Auditor-General of India.
4. (4) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the School shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the Government accounts and, in particular shall have the rights to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the School.
5. (5) The accounts of every School as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament in accordance with such procedure as may be laid down by the Central Government.

1. (1) Every School may constitute for the benefit of its employees such provident or pension fund or provide such insurance scheme as it may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes.
2. (2) Where such provident fund or pension fund has been so constituted, the Central Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925), shall apply to such fund, as if it were a Government provident fund.

All appointments of the staff of every School, except that of the Director, shall be made in accordance with the procedure laid down in the Statutes, by:—

1. (a) the Board, if the appointment is made on the academic staff in the post of Assistant Professor or if the appointment is made on the non-academic staff in every cadre the maximum of the pay scale for which exceeds prevalent grade pay scale for Group "A" Officers;
2. (b) the Director, in any other case.

Subject to the provisions of this Act, the Statutes may provide for all or any of the following matters, namely:—

1. (a) the conferment of honorary degrees;
2. (b) the formation of departments of teaching and centres for research;
3. (c) the fees to be charged for courses of study in the School and for admission to the examinations of degrees and diplomas of the School;
4. (d) the institution of fellowship, scholarships, exhibitions, medals and prizes;
5. (e) the term of office and the method of appointment of officers of the School;
6. (f) the qualifications of teachers of the School;
7. (g) the classification, the method of appointment and the determination of the terms and conditions of service of teachers and other staff of the School;
8. (h) the constitution of pension, insurance and provident funds for the benefit of the officers, teachers and other staff of the School;
   • (i) the constitution, powers and duties of the authorities of the School;
9. (j) the establishment and maintenance of halls and hostels;
10. (k) the conditions of residence of students of the School and the levying of fees for residence in the halls and hostels and of other charges;
11. (l) the allowances to be paid to the Chairperson and Members of the Board;
12. (m) the authentication of the orders and decisions of the Board; and
13. (n) the meetings of the Board, the Senate, or any Committee, the quorum at such meetings and the procedure to be followed in the conduct of their business.

1. (1) The first Statutes of each School shall be framed by the Central Government with the approval of the Visitor and a copy of the same shall be laid as soon as may be before each House of Parliament.
2. (2) The Board may, from time to time, make new or additional Statutes or may amend or repeal the Statutes in the manner provided in this section.
3. (3) Every new Statutes or addition to the Statutes or any amendment or repeal of Statutes shall require the prior approval of the Visitor who may grant assent or withhold assent or remit it to the Board for consideration.
4. (4) New Statutes or a Statute amending or repealing an existing Statute shall have no validity unless it has been assented to by the Visitor: Provided that the Central Government with the prior approval of the Visitor may frame or amend the Statutes for the School, if the same is required for uniformity and a copy of the same shall be laid as soon as may be before each House of Parliament.

Subject to the provisions of this Act and the Statutes, the Ordinances of every School may provide for all or any of the following matters, namely:—

1. (a) the admission of the students to the School;
2. (b) the courses of study to be laid down for all degrees and diplomas of the School;
3. (c) the conditions under which students shall be admitted to the degree or diploma courses and to the examinations of the School, and shall be eligible for degrees and diplomas;
4. (d) the conditions of award of the fellowships, scholarships, exhibitions, medals and prizes;
5. (e) the conditions and mode of appointment and duties of examining bodies, examiners and moderators;
6. (f) the conduct of examinations;
7. (g) the maintenance of discipline among the students of the School; and
8. (h) any other matter which by this Act or the Statutes is to be or may be provided for by the Ordinances.

1. (1) Save as otherwise provided in this section, Ordinances shall be made by the Senate.
2. (2) All Ordinances made by the Senate shall have effect from such date as it may direct, but every Ordinance so made shall be submitted, as soon as may be, to the Board and shall be considered by the Board at its next meeting.
3. (3) The Board shall have power by resolution to modify or cancel any such Ordinance and such Ordinance shall from the date of such resolution stand modified accordingly or cancelled, as the case may be.

1. (1) Any dispute arising out of a contract between a School and any of its employees shall, at the request of the employee concerned or at the instance of the School, be referred to a Tribunal of Arbitration consisting of one Member appointed by the School, one Member nominated by the employee, and an umpire appointed by the Visitor.
2. (2) The decision of the Tribunal shall be final and shall not be questioned in any court.
3. (3) No suit or proceeding shall lie in any court in respect of any matter, which is required by subsection (1) to be referred to the Tribunal of Arbitration.
4. (4) The Tribunal of Arbitration shall have power to regulate its own procedure: Provided that the Tribunal shall have regard to the principles of natural justice while making such procedure.
5. (5) Nothing in any other law for the time being in force relating to arbitration shall apply to arbitrations under this section.