Amendment status not verified — confirm the current text below against the official source.
Provident Fund, Pension and Insurance - (1) The University shall constitute for the benefit of its officers, teachers, ministerial staff and other employees, in such manner and subject to such conditions as may be prescribed, such pension, gratuity, insurance, provident fund as it may deem fit provided it does not violate prevailing govt. policy. 40 बहार गजट (असाधारण), 29 अग# त 2016 (2) For such pension, gratuity, insurance and provident fund so constituted by the University, the government may declare that the provisions of the Provident Funds Act shall apply to such fund as if it were Government provident fund: Provided that the University shall have power in consultation with the Finance Committee and the Board to invest provident fund amount in such manner as it may determine. 36.Government Grants :-The Government shall every year make the following lump sum grants to the University, namely :- (i) A grant not less than the net expenditure incurred in the State of Bihar on such of the activities of the Institutions of Veterinary Science, Animal Husbandry, Dairy, Fisheries and other Government agencies / institutions as are transferred to the University; (ii) A grant not less than the estimated net expenditure of pay and allowances of the staff, contingencies, supplies and services of the University other than in respect of the activities in various organizations, referred to above in clause (i) (iii) A grant to meet such additional items of expenditure recurring and non- recurring as may be deemed necessary by the Government for the proper functioning of the University (iv) The State Government may also make non-lapsable lumpsum grant to the University in respect of schemes included in the Five year Plan and transferred to it for implementation by the University of an amount equal to the net outlay in the annual plan. Adjustments of from the anticipated assistance from the Central Government and other agencies sponsoring such schemes may be made in it. (v) The state government may pay the full cost of the constructions and furnishing of the building of the University. 37.Finance Committee - (1) The Board shall constitute a Finance Committee consisting of :- (i) The Vice-Chancellor (Ex-officio Chairperson) (ii) A Officer, nominated by the Department of Finance, Government of Bihar, Nominated by him -Member (iii) A Officer, nominated by the Department of Animal Husbandry & Fisheries Resource, Government of Bihar -Member. (iv) Director Research, Director Education Extension, Director Resident Instruction - Member. (v) One nominee of the Board who should be the non-official member of the Board - Member. (vi) Financial Controller Ex-officio Member - Secretary. (2) The following will be the functions of the Finance Committee :- (i) To examine the annual accounts and budget estimates of the University and to advise the Board thereon (ii) To review the financial position of the University from time to time (iii) To make recommendations to the Board on all matters relating to the finances of the University. (iv) To get the accounts of the University, its colleges and other centers/ institutions audited. 41 बहार गजट (असाधारण), 29 अग# त 2016 Chapter-VII STATUTES AND REGULATIONS