Vidhi Codex

The "Tribhuvan" Sahkari University Act, 2025

Chapter VI ACCOUNTS AND AUDIT

Education202553 sections7 chapters
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Chapter VI ACCOUNTS AND AUDIT

38. Annual report.

Statutory text
  1. (1) The annual report of the University shall be prepared under the directions of Executive Council, which shall include, among other matters, the steps taken by the University towards the fulfilment of its objects and shall be submitted to the Governing Board after the approval of Executive Council within six months from the closing of financial year and the Governing Board shall consider the report in its annual meeting.
  2. (2) The Governing Board shall submit the annual report to the Central Government along with its comments, if any, on or before the expiry of nine months from the closing of financial year.
  3. (3) The Central Government shall, as soon as may be after it is received, cause a copy of the annual report be laid before each House of Parliament.

Chapter VI ACCOUNTS AND AUDIT

39. Annual accounts.

Statutory text
  1. (1) The University shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance-sheet, in such form and accounting standards as may be provided by it in consultation with the Comptroller and Auditor-General of India.
  2. (2) The accounts of the University shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by it in connection with such audit shall be payable by the University to the Comptroller and Auditor-General of India.
  3. (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the University 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 right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the offices of the University.
  4. (4) The accounts of the University 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 on or before the expiry of nine months from the closing of financial year and that Government shall cause the same to be laid before each House of Parliament.

Chapter VI ACCOUNTS AND AUDIT

40. Fund of University.

Statutory text
  1. (1) There shall be a University Fund which shall include---
    • (a) any contribution or grant made by the Central Government;
    • (b) grant from Co-operative Education Fund maintained under the Multi-State Co-operative Societies Act, 2002 (39 of 2002) or States' or Union Territories' Co-operative Societies Acts;
    • (c) grant from corpus Fund for Co-operative Training set up by the Central Government;
    • (d) any contribution or grant made by the State Government;
    • (e) any contribution made by Government, semi-Government or autonomous bodies;
    • (f) any gifts, bequests, donations, endowments or other grants;
    • (g) income received by the University from fees and charges;
    • (h) income received by the University from undertaking projects and consultancy services;
      • (i) money received by the University from the collaborating industries, co-operative societies, federations, unions and other organisations in terms of the provisions of the Memorandum of Understanding between the University and such collaborating industry, co-operative society, federation, union or other organisation; and
    • (j) money received from any other source, provided that any funding from foreign sources shall require prior approval of the Central Government.
  2. (2) All funds of the University shall be deposited in such banks or invested in such manner as the Executive Council may decide on the recommendation of the Finance Committee.
  3. (3) The funds of the University shall be applied towards meeting the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act.
  4. (4) The University, at all times, shall strive to be self-sufficient in meeting its expenses and shall, while launching new courses or programmes, establishing new schools or other infrastructure, creating or filling posts, incurring recurring or non-recurring expenses and creating any other financial liability, take into account financial resources that are either available with the University or tied up with stakeholders or any other source.

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