(1) In every aided college, there shall be a fund, called “Aided College Fund" and there shall be credited thereto – a. any aid received;
b. income accruing to the college by way of fees, charges or other payments, and c. any other contributions, endowments, gifts and the like.
(2) The Aided College Fund shall be accounted for and utilized by the educational agency in accordance with the rules as may be prescribed.
(3) Income accruing to private college by way of fees, shall be accounted for and utilized only for such purposes as may be prescribed;
(4) Charges or other payments and any other contributions, endowments and gifts received by private colleges shall be utilized only for the specific purpose for which they were realized or received and shall be accounted for as may be prescribed.
12. The Government may prescribe norms for fixation of fees of the aided private colleges.
CHAPTER IV ACCOUNTS, AUDIT, INSPECTION AND RETURNS
13. Every private aided college shall maintain accounts in such manner and containing such particulars as may be prescribed.
14. The accounts of aided college shall be audited at the end of every year.
15. The Government may, from time to time, cause inspection of a private aided college, including its administrative and financial activities as and when the Government deems it necessary.
16. Every educational agency shall, within such time as may be fixed by the competent authority in this behalf, furnish to the competent authority such returns, statistics and other information as the competent authority may, from time to time, require.
CHAPTER V PENALTIES AND PROCEDURE
17. If any person, when required, by or under this Act, to furnish any information, omits to furnish such information or furnishes any information which he knows, or has reasonable cause to believe, to be false, or not true, he shall be punishable with fine which may extend to one lakh rupees.