(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) any contributions made by the Sponsoring Body;
(d) all contributions or 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) subject to the provisions of sub-section (5) of Section 40, incomes received from the Endowment Fund.
(2) The amount credited to the Development Fund, from time to time, shall be utilized for the development of the University.
(3) The University shall not raise fund from any source including any financial institutions (banks etc.) by way of mortgaging the land obtained in shape of donation or under concessional cost from the State Government.
43. 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.
Maintenance of Fund.
Development Fund.
31
44. (1) The Annual Report of the University shall be prepared and 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 the State Government on or before the 31st December following the closure of the financial year on the 31st March each year.
45. (1) The Annual Accounts and the Balance Sheet of the University shall be prepared under the direction of the Finance Committee and all funds accruing to or received by the University from whatsoever source and all amount disbursed or paid shall be entered in the accounts maintained by the University.
(2) The annual account of the University shall be audited every year by a Charted Accountant, who is member of the Institute of Charted Accountant of India.
(3) The annual accounts and the Balance Sheets together with the audit report shall be submitted to the Board of Governors, on or before 31st December following closure of the Financial year on the 31st March every year.
(4) The annual accounts, the Balance sheet and the audit report shall be placed before the Board of Governors at its meeting for consideration and approval and the Board of Governors, after according its approval, shall forward the same to the State Government on or before 31st December each year.
(5) In the event of any observation relating to deficiencies in financial management in the Report of the Charted Accountant, 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 Mode of proof of University Record.
Annual Report.
Account and audit.
32 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. A Committee of three members formed by the State Government shall make annual review of the progress of implementation of the University Plan in infrastructure, personnel and academic matters. In case of any deficiencies, the University shall be intimated in writing for compliance. Such review may be conducted in the first five years of establishment of the University.
48. (1) If the Sponsoring Body 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 along with the reasons for such dissolution in detail.
(2) On identification of mismanagement, mal-administration, indiscipline, failure in the accomplishment of the objects of the University and economic hardships in the management systems of the University, the State Government shall, subject to and in accordance with relevant law, if any for the time being in force, issue directions to the Sponsoring Body of the University and if the directions are not followed within such time as may be prescribed, the right to take decision for dissolution of the University shall vest with the State Government.
(3) The manner of dissolution of the University shall be such as may be prescribed by the State Government in this behalf.
(4) If the State government considers it necessary to suspend the Board of Governors, it shall, by notification published in the official Gazette, order suspension of the Board of Governors and shall make such arrangements in consultation with the Sponsoring Body for the administration of the business of the University till the completion of investigation as it may consider necessary:
Provided that no such action shall be initiated without affording a reasonable opportunity to show cause to the Sponsoring Body.
Dissolution of the University.
Annual review of the University.
Expenditure of the University during dissolution 33
(5) On receipt of the notice referred to in sub-section (1), or on a decision to dissolve under sub-section (2), the State Government shall, in consultation with the All India Council for Technical Education, University Grants Commission and other concerned Regulatory Bodies of Central or State Government, make such arrangements for administration of the University from the proposed date of dissolution 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.
49. (1) The expenditure for the administration of the University during the taken over period of its management under Section 48 shall be met out of the Endowment Fund, the General Fund or the Development Fund.
(2) If the funds referred to in sub-section (1) are not sufficient to meet the expenditures of the University during the taken over period of its management, such expenditure may be met by disposing of the properties or assets of the University by the State Government.
50. (1) If any difficulty arises in giving effect to the provisions of this Act., the State Government may, by order, make such provisions, not inconsistent with the provisions of this Act., as appear to it to be necessary or expedient for removing the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date of commencement of this Act.
(2) Every order made under sub-section (1) shall, as soon as may be, after it is made, be laid before the State Legislature.
By Order of the Governor SASHIKANTA MISHRA Principal Secretary to Government _______ Printed and Published by the Director, Printing, Stationery and Publication, Odisha, Cuttack-10 OGP/SBP Ex.Gaz.966-173+180 Expenditure for the administration of the University during dissolution.
Removal of difficulties.