(1) The State Council shall have its own Fund to be called the Sikkim State Higher Education Council Fund (hereinafter referred to as the fund) consisting of the grants from the Government, grants received from the Central Government or from the UGC for higher education and such other funds as may be received by the State Council from any other source.
(2) The Government may pay to the Stat.e Council in each financial year such sum as may be considered by the Government to be necessary for the functioning of the State Council.
9 Annual Report Books of Accounts, Audit and Statutory Reports Furnishing of Returns to the Government Inspection and Enquiry 17, The State Council shall prepare an annual report once in every year, in such form and at such time as may be prescribed, giving a true and full account of its activities during 'the previous year, and copies thereof shall be forwarded to the Government, and the Government shall cause the same to be laid before the State Legislature, A copy of the report shall also be sent to the University Grants Commission,