Amendment status not verified — confirm the current text below against the official source.
Funds and grants.- (1) General Fund.- The University shall have a General Fund to which shall be credited-- (i) income from fees, endowments, grants and from properties of the University including hostels, experimental stations and farms; (ii) contribution or grants which shall be made by the Government on such conditions as it may impose; (iii) grants, donations and benefactions; and (iv) other receipts. (2) Foundation Fund (i) the University shall form a fund called the Foundation Fund from contribution and grants made by the State Government for being credited to that fund and such other sums from the University which may be credited to the said fund; (ii) the money in the Foundation Fund shall be invested in the securities mentioned or referred to in clauses (a) to (d) of section 20 of the Indian Trusts Act, 1882 (2 of 1882); (iii) it shall be competent for the University in furtherance of its objectives, to accept grants from any State Government or statutory body and endowments or donations under such conditions as may be agreed upon between the University and the grantor or the donor. (3) Management of Funds.- The General Fund, Foundation Fund and other funds of the University shall be managed according to such provisions as may be laid down by the Statutes. (4) Government Grants.- Subject to availability of funds, the State Government shall every year make non-lapsable lump sum grants to the University as follows:- (a) a grant not less than the estimated net expenditure of pay and allowances of the staff, contingencies, supplies and services of the University; and (b) an annual increase in grant to meet such additional items of expenditure, recurring and non-recurring, as per requirements of the University, on account of new schemes and programmes, revision of pay scales, increments, increase in dearness and other allowances payable to the staff. THE HIMACHAL PRADESH UNIVERSITIES OF AGRICULTURE, HORTICULTURE 35 AND FORESTRY ACT, 1986 1[45. Annual and audit reports.- (1) The annual report of the University shall be prepared under the directions of the Board, which shall include, among other matters, the steps taken by the University towards the fulfillment of its objectives and shall be submitted to the Senate 2[on or before] such date, as may be prescribed by the Statutes, and the Senate shall consider the report in its annual meeting. (2) The annual accounts and the balance sheet of the University shall be prepared under the directions of the Board and shall, once at least every year and at the intervals of not more than fifteen months, be audited by an agency specifically authorized in this behalf by the State Government from time to time. (3) The accounts, when audited, shall be printed and the copies thereof, together with the audit report thereon, shall be submitted to the Senate alongwith the observations of the Board. (4) A copy of the annual report, as prepared under sub-section (1) and a copy of the annual accounts together with the audit report, as submitted to the Senate under sub-section (3) alongwith the observations, if, any, made by the Senate thereon, shall be submitted to the State Government, which shall, as soon as may be, cause the same to laid before the State Legislature.]