(1) The annual accounts of the University shall be prepared by the Finance Officer under the direction of the Board and all monies accruing to, or received by the University from whatever sources and all amounts disbursed and paid by the University shall be entered in the Books of accounts.
(2) The accounts of the University shall, at least once in every year and at interval of not more than fifteen months, be audited in accordance with the previsions of the Orissa Local Fund Audit Act, 1948 and the provisions of that Act shall apply to such audit.
(3) All reports on audit made under sub-section (2) shall as soon as may be after they are received from the Examiner of Local Accounts, be laid before the Stale ' Legislature for a total period of fourteen days which may be comprised in one or more sessions.
Power to borrow.
Financial estimate.
Accounts and auditing.
Orissa Act 5 of 1948 18
(4) The Government shall have power to conduct special audit if required in respect of utilisation of funds and the University shall comply with the directions issued - by the Government on such audit.
(5) The University shall forthwith rectify any defect or irregularity pointed out by the auditors and report the action taken to the Government.
32. Annual report.:- (1) The Board shall prepare the annual report of the University containing such particulars as the Government may specify covering each financial year and before its final approval, it shall be presented to the Academic Council for its review on or before such date as may be prescribed by the Statutes.
(2) Copies of the Annual Report and the Annual Accounts shall be sent to the Government, and the Government shall place them before the State Legislature.
CHAPTER VII Statutes, Regulations and Rules
33. Subject to the provisions of this Act, the Statutes may provide for all or any of the following matters, namely:"
(a) the constitution, function and powers of the faculties, Board of studies and other authorities of the University and such other bodies as may be declared to be authorities of the University;
(b) the method of recruitment, conditions of service, powers and duties of the Officers, Teachers and other employees of the University;
(c) the conferment of honorary degrees;
(d) the award of degrees, diplomas, titles, certificates and other academic distinctions;
(e) the withdrawal of degrees, diplomas, titles, certificates and other academic distinctions;
(f) the institution of fellowships, scholarships, studentships, exhibitions, medals and prizes;
(g) the procedure to be followed at meetings or authorities of the University for the transaction of business by them;
(h) the classification of Teachers of the University and other employees;
(i) acceptance and management of bequests, donations and endowments;
(j) the grant of affiliation to institutions;
(k) recognition of examinations of Universities or other educational institution as equivalent to the examinations of the University;
(l) fees to be charged for the courses of studies in the University and for admission to the examinations, degrees and diplomas of the University;
(m) conditions relating to the award of fellowships, scholarships, Statutes.
19 studentships, exhibitions, medals and prizes;
(n) conduct of examinations, including the terms of office, manner of appointment and the duties of examination bodies, examiners and moderators;
(o) supervision of students engaged in research and special studies in constituent or affiliated institutions or attached centres;
(p) fees to be charged for the services rendered by the University; and
(q) any other matters which are required to be or may be prescribed under this Act or by the Statutes.