(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 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) 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.
46. The funds established under sections 43, 44 and 45 shall, subject to general supervision and control of the Board of Governors, be regulated and maintained in such manner, as may be prescribed.
47. (1) The Annual Report 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.
Development Fund.
Maintenance of fund.
Annual Report.
(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 the 31st December following close of the financial year on the 31st March each year.
48. (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.
(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 the 31st December following close of the financial year on the 31st March 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 on or before the 31st December each year.
(5) In the event of any observation relating to deficiencies in financial management in the Report of the Chartered Accountant, the State Government may issue directions to the University, and such directions shall be binding on the University.
49. 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.
Account and audit.
Mode of proof of University record.
50. (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, indiscipline, failure in the accomplishment of the objects of the University and economic hardships in the management systems of the 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 sponsor of the University and 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.
(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 All India Council for Technical Education, University Grants Commission and other concerned Regulatory 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.
51. (1) The expenditure for administration of the University during the taking over period of its management under section 50 shall be met out of the Endowment Fund, the General Fund or the Development Fund.
(2) If the fund referred to in sub-section (1) are not sufficient to meet the expenditure of the University during the taking over period of its management, such expenditure may be met by disposing of the properties or assets of the University, by the State Government.
Dissolution of University.
Expenditure of the University during dissolution.
52. (1) If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by a notification or 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.
(2) Every order made under sub-section (1) shall, as soon as may be after it is made, be laid before the State legislature:
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.
By Order of the Governor D. DASH Principal Secretary to Government Printed and published by the Director of Printing, Stationery and Publication, Orissa, Cuttack-10 Ex. Gaz. No.969—193+180 Removal of difficulties.