* (a) to examine the annual budget estimates and to give advice and suggestion to the Executive Council thereon;
(b) to make recommendations to the Executive Council relating to the Finance of the University;
(c) to examine every proposal for new expenditures involving sum of money exceeding rupees ten thousand and to advice the Executive Council thereon;
(d) to review the financial position of the University periodically;
(e) to suggest in general the means for the improvement of the financial position of the University;
(f) to consider and recommend revision of grades of pay and grades of pay of new posts to the Executive Council;
(g) to deal with such other matters relating to the financial matters of the University as may be prescribed by the statutes and ordinances.
35. (1) The University shall have a Fund to be known, as “CottQn College State University Fund” to which shall be credited all its income, fees, fines, contributions, donations, loans and advances from any other sources.
' (2) The University may also create by Ordinance made in this behalf one or more separate special funds for the administration of endowments, trusts or other grants for specific purposes.
(3) The State Government shall for the purpose of this Act, contribute annually to the University Fund an adequate sum.
36. (1) The Statement of Accounts of every completed financial year shall be placed for consideration of the Court together with the Audit Report in the next year. For this purpose the accounts shall be audited by a firm of Chartered Accountants subject to overall Audit Scrutiny by the Accountant General. Assam.
(2) Such Annual Statement of Accounts shall, together with copies of the audit report, be submitted, through the Executive Council, to the Court and to the State Government and thereupon, the State Government may publish the same in the Official Gazette.
(3) The Finance Committee of the University shall conduct quarterly internal audit and the report of such audit shall be submitted to the State Government regularly.
(4) Notwithstanding anything contained hereunder, the State Government shall have power when deemed necessary to order an audit of the accounts of the University.
(5) The annual budget estimates, shall after these are finalized by the Executive Council be circulated to the State Government, Chancellor, and all members of the Court at least fifteen days before they are submitted to the State Government.
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(6) The University shall obtain prior approval from the Finance (Budget) Department of the State Government for opening any account in a Nationalized Bank or any other Bank. The operation of such Account by the University shall be as per approvals accorded from time to time by the said Department.
Statutes 37. Subject to the provisions of this Act, the Statutes may provide for all any of the following matters, namely: -
(i) the conferment of honorary Degrees;
(ii) the Institution of Fellowships, Scholarship, Exhibitions and prizes;
(iii) the terms of office, the method of appointment and the conditions of service of the officers of the University;
(iv) the designation and the powers of the officers of the University;
(v) the constitution, powers and duties of the authorities of the University;
(vi) the establishment of Colleges and Hostels and their maintenance;
(vii) the condition for affiliation by the Executive Council of Colleges and Hostels not maintained by the University and for withdrawals o f such affiliation in consultation with the Government:
Provided that no Statute relating „to the management of- , Colleges and condition of services of employees, shall apply to the Government Colleges and Government Aided Colleges in respect of which the Government of Assam, under whose territorial jurisdiction the Colleges are situated, shall make necessary rules in consultation with the University. No new Degree Colleges shall be given permission or affiliation by the University without the prior concurrence of the State Government.
(viii) the constitution of Pension, Insurance and Provident Funds for the benefit of the officers, teachers, clerical staff and servants of the University;
<ix) the maintenance of a register of registered graduates; and
(x) all matters, which by this Act, are to be or may be prescribed by the Statutes.
Statues how made /
38. (1) Subject to the provisions of this Act and with the approval of the Court, the Executive council may make Statutes for the purpose of carrying out ffie provisions of this Act, and in respect of all matters which are required to be or may be provided for by the Statutes.
(2) The draft Statutes or draft amendments may be approved or amended or rejected by the Court in the manner hereinafter provided:
Provided that no draft Statutes or draft amendments to , ' Statutes with financial implication shall be amended without further reference to the Executive Council. '•
(a) every draft of Statute proposed by the Executive Council shall be submitted to the Court for consideration. Such draft shall be considered by the Court at its next meeting. The Court may pass the Statute or may amend it or may return the Statute to the Executive Council for re-consideration;
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(b) any draft of a Statute proposed by the Executive Council and rejected by the Court shall be submitted to the Chancellor who may refer it back to the Court for reconsideration;
(c) every Statute passed by the Court shall be submitted to the Chancellor who may give or withhold his consent or refer it back to the Court for reconsideration;
(d) a Statute passed by the Court shall have no validity until it has been assented to by the Chancellor;
(e) any member of the Court may propose to the Executive Council the draft of any Statutes; and the Executive Council shall submit such proposed draft to the Court with its comments.