Amendment status not verified — confirm the current text below against the official source.
(A) General Fund—’The University shall Funds and have a general fund to which it shall be credited — r a n t!‘ (1) Its income from fees, endowments and grants if any ; (2) Contributions or grants which shall be made by the Government on such conditions as it may impose ; (3) Grants, Donations and Benefactions ; and (4) Other receipts. (B) Foundation Fund—(1) The University shall have a fund called the Foundation Fund from contribution * and grants made by the Central Government and the State Government for being credited to that fund and such other sums from the University which may be credited to the said fund. //^ (2) The monies in the Foundation Fund shall be in vested in the securities mentioned or referred to in clauses (a) to (d) of section 19 of the Indian Trust Act, 1882. _ _ 2 of 1882. j* (3) The University shall furnish statements, accounts, reports and other particulars as the State Government may require relating to any gran I made by the Govern • ment and shall take such action and furnish such state ments, accounts, reports and other particulars relating to the utilisation of any grants within such time as State Government may direct. THE ASSAM GAZETTE, EXTK ADRDINARY, JAN. 2, 1969 23 (4; It shall be competent for the University in fur therance of its objectives to accept grants from the Government of Assam or any other State Government or the Central Government or S'atutory Bodies. En- • dowments or donations under such conditions as may be agreed upon between the University and the granter or donor. (C) Other funds—The University shall have such other funds as may be prescribed by the Statutes. (D) Management of funds—The General Fund, Foun dation Fund and other funds of the Univeisity shall be managed according to provisions laid down by the Statutes. (E) Government Grant—-The State or Central Government shall every year make non-lapSable lump sum grant to the University as follows:— . (1) A Grant not less than the net expenditure in curred in the State of Assam on such of the activities oi the institution of the Agricultural, Animal Husban dry and other Government Departments as transferred to the University. (2) A grant not less than the estimated net expendi ture of pa> and allowances of the staff contingencies supplied and services of the University other than in respect of the activities in institutions referred to in clause (1). (3) A grant to meet such additional items of expen diture, recurring and non-recurring, as the State Government may deem necessary also to the proper function of the University. (4) The State Government shall also make a non lapsable lump sum grant to the University in respect to schemes included in the Five Year Plan and trans- ■ ferred to it for implementation by the University of an amount equal to the net outlay shown in the annual plan. Adjustments may De made for the anticipated assistance from the Central Government and other agencies sponsoring such schemes provided such assistance may come to the University directly, rather than through the State Government. Cemnittee U) The Board shall constitute Financial Com- emmi ce. m jt t e e c o n sistin g o f the following persons, namely the Vice-Chancellor, the Secretaries to the Finance, Agriculture and Animal Husbandry and Veterinary Departments to the Government of Assam, the Comptroller, one member chosen by the Board from amongst its non-official members. (2) The Finance Committee shall have the following powers, namely:— (a) to examine the annual accounts of the University and to advise the Board thereon; (b) to examine the annual budget estimates and to advise the Board thereon; 24 THE ASSAM GAZETTE, EXTRAORDINARY, JAN. 2, 196$ (c) to review the financial position of the University from time to time; (d) to make recommendations to the University r on all matters relating to the finances oi • the University; and (ej to make recommendations to the Board on all proposals involving expenditure lor which no provision has been made in the budget or which involves expenditure in excess of the amount provided in the budget. e Accounts 40.(1) The Annual Accounts of the University shall and be prepared by the Comptroller under the direction of Auditing. the Vice-Chancellor and all monies accruing to or received by the University and all amounts disoursed and paid by the University shall be entered in the accounts. / (2) The annual accounts and the balance sheet shall be submitted by the Vice-Chancellor to the State Government which shall cause audit to be carried by a Chartered Accountant or the Accountant General as it may appoint in this behalf. The accounts when audited shall be printed and published in the official Gazette and conies thereof together with the audit report shall be presented by the Vice-Chancellor to the Board and to the Chancellor. (3) The Board shall submit a copy of the accounts and report to the State Government along with the Statement of the action taken by the University on the audit report and the State Government shall cause the same to be laid before the Legislature. ’ - / CHAPTER VIII ' Statutes and R egulations ■ £ Th« Statutes ^1. Subject to the provisions of this Act, the Statutes may provide for all or any of the following matters, namely;— > (1) The constitutions, powers and duties of the authorities. (2) The powers, functions, duties, manner of appointment and conditions of service of the officers other than the Chancellor. (3) The designation, manner and appointment, powers and duties of officers. THE ASSAM GAZETTE, EXTRAORDINARY, JAN. 2,1969 25 * (4) The classification and manner of appoint ment of teachers and other non-teaching staff. (5) The conferment and’withdrawal ofhonoraty * degrees and academic distinction. (6) The establishment, amalgamation, subdivi sion and abolition of faculties. (7) The establishment of /departments of teaching in the faculties. (8) The salaries, emoluments, allowances and other conditions of service of the Registrar, the Comptroller, the Director of Physical Plant, the Librarians, the Director of Post-Graduate Studies, the Directors and Associate Directors of Research and Extension and the Director of Student Welfare. (9) The manner of appointment and selection of officers other than the Vice-Chancellor and their powers and terms and condi tions of service. (10) The establishment of a pension or provident fund and other insurance scheme for the benefit of officers, teachers and other employees of the University and the rules, terms and conditions of such funds. (11) All other matters required to be prescribed under this Act. Statutes 42 .(1) The first Statutes with regard to matters set bow made, o u t jn c]a u s e s ) to (11) of section 41 shall be made by the Vice-Chancellor with the approval of the Chan cellor. (2) Additional Statutes may be made subsequently on all matters requiring statutes, subject to approval by the Board and the Chancellor. (3) Statutes may be proposed by the Academic Council, the Vice-Chancellor, or the Board. In case of a Statute proposed by the Board concerning the internal working of the University the draft Statute must be referred to the Vice-Chancellor for consi deration in the University and sufficient time given to allow the University to review the proposed Statute and to make any suggestions for changes or modifications therein before final hetion is taken by the Board. (4) Any Statute may be repealed by action of the Board and approval of the Chancellor, 26 THE ASSAM GAZETTE, EXTRAORDINARY, JAN. 2,1969 (5) All Statutes made under this Act shall be . published in the official Gazette. Regulation;.