(1) The Sponsor/ University shall establish an endowment fund of at least Rupees Fifty lakhs.
(2) The University shall have power to invest the endowment fund in such manner as may be prescribed.
(3) The University may transfer any amount from the general fund or the development fund to the endowment fund. Excepting in the dissolution of the University, in no other circumstances can any monies be transferred from the endowment fund for other purposes.
(4) Not exceeding 75% of the income received from the endowment fund shall be used for the purposes of development works of the University. The remaining 25% shall be reinvested into the endowment fund.
General fund 41 (1) The University shall establish a general fund to which the following amount shall be credited, namely
(a)
(b) (c )
(d) All fees which may be charged by the University:
All sums received from any other source;
All contributions made by the Sponsor;
All contributions/donations made in this behalf by any other person or body, which are not prohibited by any law for the time being in force.
(2) The funds credited to the general fund shall be applied to meet the following payments:
(a) The repayment of debts including interest charges thereto incurred by the University for the purposes of this Act and the Statutes, and the Rules made thereunder;
(b) (c ) 20 The upkeep of the assets of the University;
The payment of the cost of audit of the fund created under section 41.
(d) Meeting the expenses of any suit or proceedings to which University is a party;
(e) The payment of salaries and allowances of the officers and employees of the University, members of the teaching and research staff, and payment of any Provident Fund contributions, gratuity and other benefits to any such officers and employees, members of the teaching and research staff:
The payment of traveling and other allowances of the members of the Board of Governors, the Board of Management, Academic Council, and other authorities so declared under the Statutes of the University and of the members of any Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act, or the Statutes, or the Rules made there under;
(9) The payment of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Statutes, or Rules of the University under the provisions of this Act;
(h) The payment of any expenses incurred by the University in carrying out the provisions of this Act, and the, Statutes or the Rules made thereunder;
(i) The payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the University and the investments made thereof;
(j) The payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, and the Statutes, and the Rules made there under;
The payment of any other expenses including a management fee payable to any organization charged with the responsibility of managing the University on behalf of the sponsoring body, as approved by the Board of Management to be an expense for the purposes of the University.
(f) {k) Development: 42 fund Maintenance 43.
Of fund Annual Reports 44.
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Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year as may be fixed by the Board of Management without the previous approval of the Board of Management.
Provided further that the General fund shall be applied for the objects specified under sub section (2) with the prior approval of the Board of management of the University
(1) The University shall also establish a development fund to which the following funds shall be credited, namely:
(a) Development fees which may be charged from students,
(b) All sums received from any other source for the purposes of the development of the University,
(c) All contributions made by the Sponsor;
(d) All contributions/donations made in this behalf by any other person or body which are not prohibited by any law for the time being in force; and
(e) All incomes received from the endowment fund
(2) The funds credited to the development fund from time to time shall be utilized for the development of the University.
The funds established under sections 40, 41 and 42 shall subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner as may be prescribed
(1) The annual repos of the University shall be prepared under the direction of the Board of Management and shall be submitted to the Board of Governors for its approval
(2) The Board of Governors shall consider the annual report in its meeting and may approve the same with or without modification,
(3) A copy of the annual report duly approved by the Board of Governors shall be sent to Visitor and the State Government on or before December 31 following close of the financial year in March 31 each year.
Account and audit ( 1) The annual accounts and Balance Sheet of the University shall be prepared under the direction of the Board of Management and all funds accruing to or received by the University from whatever source and all amount disbursed or paid shall be entered in the accounts maintained by the University 45 Mode of proof of University record Dissolution of” University 22
(2) The annual accounts of the University shall be audited by a chartered accountant, who is a member of the Institute of Chartered Accountants of India, every year.
(3) A copy of the annual accounts and the Balance Sheet together with the audit report shall be submitted to the Board of Governors on or before December 31 following close of the financial year in March 31 each year.
(4) The annual accounts, the Balance Sheet and the audit report shall be considered by the Board of Governors at its meeting and the Board of Governors shall forward the same to the Visitor and the State Government along with its observations thereon on or before December 31 each year.
(5) In the event of any material qualifications in the Report of the Auditors, the State Government may issue directions to the University, and such directions shall be binding on the University.
46. A copy of any receipt, application, notice, order, proceeding or resolution of any authority or committee of the university or other documents in possession of the University or any entry in any register duly maintained by the University, if certified by the Registrar, shall be received as prima facie evidence of such receipt, application, notice, order, proceeding, resolution or document or the existence of entry in the register and shall be admitted as evidence of the matters and transaction therein recorded where the original thereof would, if produced, have been admissible in evidence.
47 (1) If the Sponsor proposes dissolution of the University in accordance with the law governing its constitution or incorporation, it shall give at least three months notice in writing to the State Government.
(2) On identification of mismanagement, mal-administration, in-discipline, failure in the accomplishment of the objects of University and economic hardships in the management systems of University, the State Government would, subject to and in accordance with relevant law, if any, for the time being in force, issue directions to the management system of University. If the direction are not followed within such time as may be prescribed, the right to take decision for winding up of the University would vest in the State Government.
(3) The manner of winding up of the University would be such as may be prescribed by the State Government in this behalf. Provided that no such action will be initiated without affording a reasonable opportunity to show cause to the Sponsor.
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(4) On receipt of the notice referred to in sub-section (1) or on a decision to wind up under sub section (2), the State Government shall, in consultation with the AICTE, UGC and other concerned bodies, make such arrangements for administration of the University from the proposed date of dissolution or winding up of the University until the last batch of students in regular courses of studies of the University complete their courses of studies in such manner as may be prescribed by the Statutes.
Expenditure of the University during dissolution