(a) to make regulations and amend or repeal the same;
(b) to advice the Board of Management on the promotion of research in the University; and
(c) to suggest measures for review and innovations in Academic and research programmes.
(2) The Academic Council shall ordinarily meet twice in a year. The Academic Council may, however, meet on such other occasions, as may be decided by the Vice-Chancellor.
(3) One-third of the total strength of the members of the Academic Council shall be the quorum required for a meeting of the Academic Council.
(4) The Vice-Chancellor shall preside over all the meetings of the Academic Council. If the Vice-Chancellor cannot be present at a meeting of the Academic Council due to any reason, 1[***] the senior-most Dean shall act as Chairman.
31. The constitution, powers and functions of the Planning Board shall be such, as may be prescribed by the statutes.
32. The constitution, powers and functions of the Finance Committee shall be such, as may be prescribed by the statutes.
33. The Faculties of the University, their constitution, functions and powers shall be such as may be prescribed by the statutes.
34. There shall be boards of studies attached to each Faculty of the University. The constitution and powers of the Boards of Studies shall be such, as may be laid down by the statutes.
CHAPTER V FINANCE AND ACCOUNTS 1Omitted by Punjab Act No. 9 of 2006, Section 7 Powers and functions of the Academic Council.
The Planning Board.
The Finance Committee.
The Faculties.
The Boards of Studies.
General fund.
35. The University shall have a general fund to which shall be credited-
(a) its income from fees, endowments and grants; and any other income accruing to the University;
(b) contributions or grants from the Government on such conditions, as may be imposed by the Government;
(c) grants from the Central Government, the University Grants Commission, International Donor Agencies, like the World Health Organisation and United Nations International Children's Emergency Fund.
36. The University may have such other funds also, as may be prescribed by the statutes.
37. The University may, for any of the purposes prescribed by the statutes, borrow money from a bank or a corporation. If the total amount borrowed exceeds twenty-five lakh rupees, the prior approval of the Government shall be obtained for such borrowing.
38. All the funds of the University shall be managed in such manner, as may be prescribed by the statutes.
39. The Government shall have power to order special audit of the accounts of the University by such Auditors, as it may direct.
40. (1) The Vice-Chancellor shall cause to be prepared on or before such date, as may be prescribed, financial estimates of the University for the ensuing year and submit the same to the Board of Management for approval.
(2) The Board of Management may approve the financial estimates with such modifications, as it deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Board of Management.
41. The accounts of the incomes and expenditure, of the University shall be submitted once in every year to the Government for such examination and audit, as the Government may direct.
Other funds.
Power to borrow.
Management of funds.
Power of Government to direct audit.
Financial estimates.
Annual account and audit.
Annual report.
42. The annual report of the University shall be prepared under the direction of the Board of Management, and shall be submitted to the Senate on or before such date, as may be prescribed by the statutes, and shall be considered by the Senate at its annual meeting.
CHAPTER VI STATUTES, ORDINANCES AND REGULATIONS