(1) The University shall establish a fund, which shall be called the General Fund to which the following shall be credited, namely:
(a) fees and other charges received by the University;
(b) any contribution made by the Sponsoring Body;
(c) any income received from consultancy and other work undertaken by the University in pursuance of its objective;
(d) trusts, bequests, donations, endowments and any other grants; and
(e) all other sums received by the University.
(2) The General Fund shall be utilized for the following objects, namely:
(a) for the repayment of debts including interest charges thereto incurred by the University for the purposes of this Act and the Statutes, the Ordinances, the Regulations, and the Rules made thereunder with the prior approval of the Governing Body;
(b) to upkeep the assets of the University;
(c) for the payment of the fee for audit of the funds created under Sections 37 and 38;
(d) to meet with the expenses of any suit or proceedings by or against the University;
(e) for the payment of salaries, allowances, Provident Fund contributions, gratuity and other benefits to officers, employees and members of the teaching and research staff;
(f) for the payment of travelling and other allowances of the members of the Governing Body, the Executive Council, the Academic Council, other authorities and the members of any committee appointed by any of the authority or the Chairperson of the Sponsoring Body or the Chancellor;
-20- for the payment of fellOwships, freeships, scholarships, assistantships and other awards to the students belonging to economically weaker sections of the society or research associates, trainees or, as the case may be, in any student otherwise eligible for such awards under the Statutes, the Ordinances, the Regulations or the Rules;
for the payment of any expenses incurred by the University in carrying out the provisions of this Act, the Statutes, the Ordinances, the Regulations or the Rules;
for the payment of cost of capital, not exceeding the prime lending rate from time to time of the State Bank of lndia, incurred by the Sponsoring Body for setting up the University and the investments made therefore;
for the payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of this Act, the Statutes, the Ordinances, the Regulations or the Rules;
for the payment of any other expenses including service fee payable to any organization charged with the responsibility of providing any specific service, including the managerial services to the University, on behalf of the Sponsoring Body, as approved by the Governing Body to be an expense for the purposes of the University:
Provided that no expenditure shall be incurred by the University in excess of the limits for total recurring expenditure and total non-recurring expenditure for the year, as may be fixed by the Governing Body, without prior approval of the Governing Body.
Annual Report.
CHAPTER V ACCOUNTS, AUDIT AND ANNUAL REPORT
39. The Annual Report of the University shall be prepared by the University which shall include among other matters, the steps taken by the University towards the fulfilment of its objects and shall be submitted to the State Government.
Audit and Annual 40. (1) The Annual Accounts including balance sheet of the University Accounts. shall be prepared by the University and the Annual Accounts shall be audited at least once in every year by the auditors appointed by the University for this purpose.
(2) A copy of the Annual Accounts together with the Audit Report shall be submitted to the State Government.
(g)
(h) o 0)
(k) -21- Winding up of the 41. (1) University.
Dissolution of the 42. (1) University.
Special powers of 43. (1) the State Government under certain circumstances.
(2)
CHAPTER VI WINDING UP OF THE UNIVERSITY lf the Sponsoring Body proposes to dissolve itself according to the provisions of law governing its constitution or incorporation; it shall give at least 2 (two) years' prior notice to the State Government.
The State Government shall, on receipt of such notice make such arrangements as may be necessary, tor the administration of the University from the date of dissolution of the Sponsoring Body till the completion of syllabus by the last batch of students admitted to the University and may also cause the functioning of the University to continue by appointing an administrator in place of the Sponsoring Body, who shall be entrusted with the powers, duties and functions of the Sponsoring Body, as prescribed under this Act.
The Sponsoring Body who intends to dissolve the University shall give a notice to that effect in the prescribed manner to the State Government. The State Government, after due consideration, may dissolve the University in the manner as may be prescribed:
Provided that the dissolution of the University shall have effect only after the last batches of students of the regular courses have completed their courses and they have been awarded degrees, diplomas or, as the case may be, awards.
On the dissolution of the University all the assets and liabilities of the University shall vest in the Sponsoring Body in the manner as may be prescribed.
Where the State Government decides under sub-section (1) to dissolve the University, it may vest the powers of the Governing Body in the prescribed manner to other societies having similar objects till the dissolution of the University takes effect under the proviso to sub-section (1).
Where the State Government is of the opinion that the University has contravened any of the provisions of this Act, the Rules, the Statutes or the Ordinances made thereunder or has violated any of the direction issued by it under this Act or a situation of financial mismanagement or mal-administration has arisen in the University, it shall issue the notice requiring the University to show cause within 45 (fofi{ive) days as to why an administrator should not be appointed.
On receipt of reply of the University on the notice issued under sub-section (1), if the State Government is satisfied that there is a prima facie case of contravention of any of the provision of this Act, the Rules, the Statutes or the Ordinances made thereunder or violation of directions issued by it under this Act or there is _))_- ZL
(2)
(3)
(2)
(5)
(3)
(4)
(7)
(8) financial mismanagement or mal-administration, it shall make an order of such inquiry as it may consider necessary.
The State Government may by Notification, for the purposes of any such inquiry under sub-section (2), appoint an inquiry officer or officers to inquire into any of the allegations and to make report thereon.
The inquiry officer or officers appointed under sub-section (3) shall have the same powers as are vested in a Civil Court under the Code of Civil Procedure, 1908 while trying a suit in respect of the following matters, namely:-
(a) summoning and enforcing the attendance of any person and examining him on oath;
(b) requiring the discovery and production of any such document or any other material as may be predicable in evidence;
(c) requisitioning any public record from any court or office.
On receipt of the inquiry report from the officer or officers appointed under sub-section (3), if the State Government is satisfied that the University has contravened all or any of the provisions of this Act, the Rules, the Statutes or the Ordinances made thereunder or has violated any of the directions issued by it under this Act or a situation of financial mismanagement and mal-administration has arisen in the University which threatens the academic standard of the University, it may appoint an administrator.
The administrator appointed under sub-section (5) shall exercise all the powers and perform all the duties of the Governing Body and the Board of Management under this Act and shall administer the affairs of the University until the last batch of the students of the regular courses have completed their courses and they have been awarded with degrees, diplomas or, as the case may be, awards.
After having been awarded the degrees, diplomas or, as the case may be, to the last batches of the students of the regular courses, the administrator shall make a report to that effect to the State Government.
On receipt of the report under sub-section (7), the State Government may by Notification dissolve the University and on dissolution of the University, all the assets and liabilities of the University shall vest in the Sponsoring Body.
(6) - z) - Power of the State Government to make rules.
Completion of courses of students.
Power to remove difficulties.
CHAPTER VII MISCELLANEOUS