Amendment status not verified — confirm the current text below against the official source.
(I) The Uniyei‘sity 'shan establish afhnd'to be called 57 as the, University Fund. 2 :(2) The following shall form part of, or be. paid" into, the University Fund, namely; - a). all contributions or grants made ineludin'g any centribution or grant made by any Government or any of its agenciesor:any authority; b) all incomes or m_oneys from trusts, beqaests, donations, _ endowments, subventions and other grants made by anyone including private individuals or institutions or - organizations; 0) the- income received _. by the University from any fees or ehargeseofiuitancy et cetera; d) any or ' all .the income generated by any er varieus activities of the University; e) all such Sums of men:ey Or other property, real or personal, as may be acquired, purchased ‘ or received by,’ or transferred to',.the University,_ Whether by ”way ef‘ gift. devise, bequest, purchaseor otherwise howsoever; i), all Such sums of money or other property, real or personal as ma, accrue,to in University in the exercisercf its powers or the performance of its functien: under this Act; g) all such sums of money or other property, real or personal, as may accrue to, or be It received by, the University by Way of'fees, grants, subsidies, centribtitions, donations, Subscriptions, rents, ' inteIest 0r r'oyaities from any Government“, any authority, any organization or from any person; h) the ameunts borrowed by the University; and i) any amounts received from anyother source ' (3) The Uniyersity Fund shall, atthe discretion of the Governing Board be kept in a Scheduled Bank as defined in the Reserve Bank of india Act 1934 or in a corresponding new bankeenstituted under theBanking Companies (Aequitionr and transfer of Undertakings). Act, . I 1970, and the Banking Companies -(Acquition-- and Transfer of Undertakings) Act. 1980, or may be inVested in‘ such securities authorized by the indian Trusts ,Act,’ . 1882 .(4) The University Fund may beexpended for such ' pIII'pose ofthe Universit .ndVIn such manner, as may be . approved by the Governing Board. The Fund may also be 'emgloyed for‘any of the purposes GT theI-University In the manner prescribed or as,= the Chancellor may find suitable ' for the fulfilment of its purposes and ‘objeetives. _ ' (5) The Fund and'aeeounts shall be operated by an officer _ ‘of the University who has bech duly autherized, appmyed Annuai Report. Annual , Accounts. by the Governing Board. . 4 (6)Where, under the terms ofany written histrunr Ient, any right, title or interest in reaI or personal 'property is _ :e'xpressed to be diSPOSCdI granted 0" 0°”(eyed to the ' .,.University, the Saidinetrmnent shall,Vsubjeyct to law, have effectas .a disposition. grant or conveyance of Such prbperty to the University and she“Vest such‘ propertyin fhn University to the extent of the right, title or interest NIH ther‘ein exp:‘ssed tobeso disposed;granted or conveyed , (7) The Universil." shat! also ha'Ve a fluid "Etied the Pen.anem Endowment Fund which it shag investand- _' keepmyested in seenritic‘ssis“‘1""‘4 or guaranteedby the. . Central Government or by any State vaemment Allocation, maintenance and usage of such fund shall be 3 as per the diseretion of the Governing Board arid as per the Statutes. - (8) The University may have such other{ends asmi“.ybe ‘ 4 presetibed by the Statutes. fr (9) The propeity of the University shall be payabie ”Io, vested in, held, managed and controlled by the - Chancellor, under this Act. However, the Goyeming Board shat! gape.1'25: and exercise supreme authority over“ and above the Chancellor as and when required. 53.(l) The Annual Report of the University shall be prepared under the directionof the Governing Board ‘and shall be submitted to the Governing BOard for its approval. I (2) The Governing Board shall ebnsider theAnnual ReportIn its meeting and may approve the same with or without modification ' (3) A copy of the Annual report I.-"I‘Iiy approved by the 1 Governing Board shaii 'be sent to the State Government - on or before December 31 following close of the financial year in March 31 each year for information. 54.(1) The Annual Accounts and Balance Sheet of the Uniyersity shall bepreparedby the intemai Auditor or Cmet Accounts Utticer ot the UniverSItyunder the direction Of the Governing Beard and all the funds 1' accrning toor received by the Uniyersity from whatever source and all amount disbursed orpaid shah be entered ',in the aceounts maintained by the University. 59 (2) The Annual Accounts of the University shall be audited ever year by ‘a Chartered Accountant, who is a member or a- fellow of i the Institute of Chartered Accountants of India", to'be appointedby the Goyeming Board on mutually'agreeab'ie terins, every year. " (3)All eases‘of irregular, illegal or improper expenditure or of failure to recover moneys or otherproperty ’due to the University or ofany loss or waste of moneyor ether property thereof Caused by neglect Or misebnduet of the officers and authorities ofthe University shall be reported by the Chartered Accountant; in his Audit rem»:w which has to be submitted to the Goyem'ing‘Boatd._}-I_e shail also, . report on any other matterlrelating to the 'ac'coII‘iitsrvpf'the . University as may bereqmredbythefieyerhing Board. (4) The Governing , Beard shall forthWith: remedy '_an'y , defect or '1 irregularity pointed out by the auditor and reports the 'actio'n taken, to the Chancellor. ' (5). A cbpyof the, Annual Aceo'unts and the Balance Sheet together with the audit repott sheii‘-be submitted to the, Governing Board on or. before ' Novemberfl‘30‘ 'fbllowing the close of the‘financial year on March. 31 eachyéar.’ _ . . p _ ‘ (6) The Annual Accoums, the-Belanee Sheet, and the» Audit Report. shall be considered by the ‘Geveming Board at its meeting and‘the Governing Board 'shall ferward the, ' same to the State Government along with its observation thereon on or before December 31 each year. ' - 55.The Registrar, on‘ behalfrot‘rthe, University and with. Budget; prior consultation and approval of the Founder and the Chancellor, shall prepare, in such form and at, such time eech year as may be prescribed, a‘ budget in respect of the ' financial year next ensuing showing the estimated receipts and eXpenditure, and copies thereof shall , be Ibrwarded to the State Government after getting due approval ftom- ihe G'eS/err‘iwg Board and the Chancellor; 56.(l) The Uniyersity shall enter into 8 Written contract Conditions of of service with every employee of the University $”ch 0f im'mgumbasis'ij conditions of the cohtraet Shall not be inconsistent .with - the proVisi'ons of this Act, . the. Statutes; and the Ordinances. (2),A copy of the centres! referred to in sub- ‘ sectioniil) shaflbe lodged with-‘the Universityvand a copy Procedure ’ of appeal and arbitration ' in disciplinary 4 cases " agai1131 students. 60 ., thereof shall also be tarnished to the employee coneemed 57.(1) Any dispute arising out of a contract of employment referred to in the previous of this Act between the University and the employee shall be - referred to a Tribunal of ArbitratiOn Which'shali soier consist of the General Counsel of the University or the .sole member as may be nominated by the General Counsel (2) Every such reference shall be deemed to bea . submission to arbitration on the terms of this section Tribunal Arbitration. Within themeaning of the Law of Arbitration as in foree, ' ‘ and allthe provisions ofthat Law. 1 '(3) The procedure for regelating the work of the Tribunal 'i I of Ai'bitration shall be such as may be prescribedby the Statutes. (4) The decisionof the Tribunal of Arbitration shall be ‘ final and bindingon the parties, and no suit shall lie1n any civil eeurt in respect of any matter decided by the ‘ Tribunal 58.0) Any student orlean‘didate for an examinationWhose name has been removed fi'om thelrolls, Ofthe University by the orders or reselution'of the Chancellor, or byany other committee, as the case may be andWho has beendebarred . from appearing at the exammations of the University for .more than one- year, may, within ten daysof the date of receipt of such orders or copy of such resolution by him, . , appeal to the Govemihg Board and the Governing Board may confirm, modify or reverSe the decision of ' the . Chancellor or the Committee, as the case may be (2) Any disputearising 011t' of anydiseiplinary action I ' taken by the University against a_student shall, at the Right to Appeal. request of such student, be I referred to a Tribunal of ' Arbitration and the provisions ofsub-sections (I), (2), (3) and (4) of the previous section'shall, as faras may be, apply to a reference made under this sub-seetion ' 59.Every employee or student of the University or of a bcnooz or centre or college or 111m maintained by theUniversity 'or admitted to its privileges shall. notwithstanding anything containedfin' this Act; have a right 'to appeal within such time as may be presefibe'd, by the Stahztes, to theChancellOr against the 61 decision Of any officer or authorityof the University or of the Principal or me management of any Faculty, School, Collegt or Centre or an Institutiort, as the case may be, . and thereupon the Chancellor -may confirm, modifyqr reverse the ttecision appealed against and his decision . shal! be finaIand binding. of, 60.(1) All casual vacancies among the members (other than ex-offlclo members) of· any authority or another body of a University shalt be filled; as soon · as conveniently may be, by the persons or body who r appointed, elected or co-opted the member whose place has become vacant, ·and the person appointed, elected or co-opted, to a casual vacancy,shall be a member of such . ,authority er l,oeyforJhe residue-of.the term for whichib.e . person?ta? he tills, woult:1-'have-? a member, (2) A person who is a member of an Authority of a University as a representative of another body whether of the . University Qt,, outside, shall retain his seat on the Univ?ty Authority, so long as ..h.e ;ontinues to be member of the body by whlch he was appointed or elected and thereafter till his successor is duly appointed. 61.No Faculty, Officer or Employee of University shall be offered. nor shall he accept any remuneration for any work in the University.save as may be provided for in the Statutes. 62.Notwithstanding anything contained · in the Indian Evidence Act, 1872 or in any other law fo'r the time being in force, ? copy of any receipt, application, notice, order, proceeding or resolution of any authority or committee of'. the University or other documents in possession of the University or any entry in any register duly maintained by the University, if certified. by the Chancellor or any person/officer authorlzed by him, shall: be ·· received as prima facie evidence of such receipt, applleatlon, notice, order, proceeding, resolution or document ·O! the existence of the entry i .. the register and-shall be admitted as evidence of th( matters and translation therein recorded where the original thereof would. if produced, have been admissible in evidet1Qe. •