(1)TheUniversityshall•alsoestablishaDevelopment Fwd *ich the •following amount •shall,be credited..
namely: —
(a) developmmtfeeswhEchmay from sWdents;
(b) receivedfromanydha socceforthe prposesofthedevelopnmtof theUrfiærsty;
Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark bkilitenancs of Report Acmunt and Audt.
.29.
any a:jniribuü0ß made ty the•
(d) all ütritutions ot donations made in this bdlalf by any.otrz person Bodywhichare notprohibitedbyany lawfor he time in force; and
(9) sut*ectto provisionsof sub-section'{5) of section 41, incomes received •from the Endowment Fund '
(2) The anunt credited to the Duelopment Fund, time to time, shall be utilized for the development of the University.
4 The Funds established under sections 41, 42 and 43 shall, subject to general supervisionand control of the Board of Goverrms, be regukatedand maintained in such manner, as may prescribed.
45.(1) -The Annual Repon of the Uriversity shall preparedünderthe directionof the Boardof hhnagementand shall be subrntted to the Boerddf Governorsfor its approval.
(2) TheBoerdof Governorsshallconéder.theAnnua} Report in its meeting and nuy approve the same wit) or without
(3) A the AnnualRemrt duly approvedby the 30erd of Governors shall sent to the Chancellor and to Ehe StateGoverrment on or before the 31st Decemberfoll%ing closureof the financialyearon the 31st eachyear. The annual report be laid in House of Legislative Assembly,
46.(1) The annualaccountsand BalanceSheet-of the Universityshall preparedundertie directionof theBoardof manæement and funds accruing to or b} the University from .whatever source and all amolnt disb(rsed or paid shall be entered in the au:nunts mairiained by die University.
(2) The annuä\account-of the Universityshall auditedeirery•yearby aChartedAamntantl who is memberof InstituteofChattedAccountantof Iriiar Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark -30-
(3)A copyof mnualW]a.nts and the Balance togetherwiththeauditeponshallte submettedtothe Board of Goverws on before the 31st Decemb« dosureofthefirm" yeaonthe31stMrch everyyear,
(4)Theannualaccounts,theBdanceShal the auditreponsipElbeplacedbefore Boardof Governorsat its rreeti(Efor (M$ideraionendapprovalandtheBoardof ewernors shall forwarott'b to and•iote State m t:pforethe 31stDecen%ereachyou,
(5) In the Bent otsenaim relaBngto defidenciesin financid managementin the Reportof the CharteredAccountant,the State'Government•nøy issue dirætions to tf:e Univetsity.and such directions be bindingon•ttyUniversity.
47, A :npy of any receäpt,application, order.Ma:fe of of ü•iærsity Reard.
of University.
proceeding•orrædutionofanyautlßlityofg:rnmitteeofme Uniwæityorotherdocumentsin-pose—iontheUnicrsity or ent1Yinanyregister"y nuintainaibytE UnivaSty,if cedfiedby.theRegistra,shallbe as primafoe evidenæ suchreceifitnplicatioo,notiz order,proceeding, resolutionor docihent Oftheexistence•ofentry the rqster shdl adhlittx:i as eviderce. of the •matters and tra•waün theein recorded thyeofHUId. if produced, admissibleinevidence.
48.{1)If theSprs. Bodygxoposesdissolutimofthe Uriærsityinax;ordancewiththelawgovenngitsconstitution or incorporatfcn,it shallgiveat EeastthreemoMhsnot*æin wriiF' to tie.State
(2) On idegtqcdion maladministration,indscipline,failureintheaccomplidmentof theobjectsof theUniversityqndeconomichardshipsin the mav,egeneN of the Unigénity,the SMe Govenment shall, subject to and in accordance with r.plevank law,if any,for theimebengin forcelissue difectlonsWthe bodyof the l.nvesity and he Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark -31- dlrection are not followed within such üme as may be prescribed,the rightto takedecision,for dssoEutionup of theUniversity shaftvest in the StateGovernment
(3) The mannerof dissolutionof the Universityshall be such,asmaybe prescribedby the StateGovernmentin the behalf,
(4) If the StateGovernmentconsidetsit necessary to suspend the Board oi Management, it shall, by notification published in Official Gazette, order suspensionof the Boerdof Managementand shalEmake arrangementsin consultationwith the Sponsonng Bodyfot theadministrationof the businessofthe University till tie completion of investigation as may consider.
necessary:
Provided no $JCh action shd .be inmated withoutaffordinga reasonabieopportunityto showcauseto the Sponsoring Body,
(5)On receiptcf noticereferredtoin sub-section or on a decision to •dissolveunder sub-section (2), the State Govemment in consultation wth the All. Inda Council for Technlcal Education. Unlversity Grants Ccmnission and other concernedRegulatoryBodies•of CentralorStateGovernment.makesucharrangeme•ntsfor administrationof the Umversityfrom the proposeddate of dissdutionof the Universityuntil the l:st batchof students in regularcoursesof studiesofthe Universitycompletetheir coursesof studies such.manneras may be prescribed.
49.(1) The expenditure for administrationGf theSqenditure.of Universityduring University duling the taken Overperiod of its managementdisoluion.
under section 48 she)' be met out of the Endowment Fund, the General Fund or the Development Fund, the fund referred to ih subsectiQn are not sufficienttomeettheexpenditures(f theIJnivåsityduring the taken over period of its management suGhexpendtur.e maybemetby disposngof thepropertiesOfassetsof the Universityby the StateGovemmem.
Searchable PDF created by OCR.space (Free Version) https://ocr.space/searchablepdf#watermark Rerrnvä 01 dfiultt$- -32-