Amendment status not verified — confirm the current text below against the official source.
There shall be one fond for the University called “University Fund”. This Fund shall have three different heads as defined below:- (1) General Head - The General head of the University shall be the head to which shall be credited all the income, fees, finances, contributions, donations, loans and advances, etc. from any sources like state Government, Central Government, U.G.C., DONER etc. for capital expenditure. (2) Recurring Head- Out of the Grants in Aid received from State Government, a portion of the Fund according to necessity shall be kept separately in a “Recurring Head” of the University Fund to meet recurring expenditure of the University. ----- THE ASSAM GAZETTE, EXTRAORDINARY, SEPTEMBER 7, 2010 2211 The Government shall, for the purposes of this Act, contribute annually to the University at least a minimum sum of rupees 1 (one) crore to meet the recurring charges of the University. All contributions made under this section shall be charged to the revenues of the State. (3) Corpus Head - The University shall maintain a ‘Corpus Head’ under “University Fund” from the sponsorship, patronage and ten percent from the recurring grants, which shall not be utilized by the University at any time. However, the interest accrued thereon may be utilized for meeting expenditures on institution of scholarship, research facilities and meeting urgent unforeseen expenditures. Further, any unutilized fund received from any sources for general or specific purpose at the end of the financial year shall be devolved to the corpus Head as volatile temporarily for the purpose of review of utilization in next financial year by the Executive Council. During the short period, the University may earn income from such deposits. Annual a c c o u n ts and balance sheet of the accounts University shall be prepared under the direction of the Executive council and shall be submitted to the Chancellor for the purpose of audit. (2) The accounts when audited shall be published by the Executive Council in the Assam Gazette through Department of Co-operation, Government of Assam and copies thereof shall, together with copies of the audit report, if any, be submitted to the Court and the Chancellor. The Executive council shall also submit to the Court, on or before such date as may be prescribed by the Statutes, a statement of the financial estimates for the ensuing year. 22J2______ THE ASSAM GAZETTE. EXTRAORDINARY. SEPTEMBER 7. 2010------- (3) The annual accounts and the financial estimates shall be considered by the Court at its annual meeting, and the court may pass resolutions thereon and communicate the same to the Executive Council. Act or Proceedings not to 55 be invalid by reason of certain irregularities No act or proceedings of the University or of any authority or Committee of the University shall be invalid merely by reason of the existence of any vacancy or vacancies among its members or by reason of the invalidity of the election, nomination, and appointment of any of its members or by reason of any irregularity in the manner of choosing a member. • Conditions of service of 56. (1) Every employees of the University shall be employees appointed under a written contract, which shall be lodged with the University and a copy of which shall be furnished to the employees concerned. (2) Any dispute arising out of the contract between the University and any employee shall, at the request of the employee, be referred to a Tribunal of Arbitration consisting of one member, appointed by the Executive Council, one member nominated by the employee concerned and Chairman appointed by the Vice-Chancellor. (3) The decision of the Tribunal shall be final, and no suit shall lie in any civil court in respect of the matters decided by the Tribunal. (4) Every request made by the employee under the Act, shall be deemed to be a submission to arbitration Central s ' upon the terms of this Act and within the meaning of the Arbitration and Conciliation Act, 1996. Act. 16 of 1996 (5) The procedure for regulating the work of Tribunal shall be prescribed by the Statutes. IHE ASSAM GAZETTE, EXTRAORDINARY. SEPTEMBER 7. 2010 2213 Procedure of Appeal