Amendment status not verified — confirm the current text below against the official source.
(1) The University shall also set up a General Fund into which the following shall be credited. (i) Contributions and grants made by the Trust, (ii) Contributions and grants made by the Government of Nagaland (iii) Contributions and grants made by the University Grants Commission; (iv) Contributions and grants made by the Central Government; (v) Contributiors and grants made by other organizations in India and abroad, subject to laws m force: (vi) Bequests, donations, endowments or other grants made by private individuals and organizations: (4 Income received by the University on account of fees and other charges: and (vii) Amounts received &om any other source. (2). The h d s shall be deposited in banking institution or held in shares securities. debentures or in any other form as may be determined by regulations and as far as possible they may held in such form which does notpose serious risks. (3) The funds shall be operated exclusively for the purposes ofthe University m s u ~ h manner as may be prescribed by regulations. Funds for sponsored schemes 0 The conhihunons. funds amounts, gmts received for a sponsored scheme shall not he credited Lo the llniversity Fund hut shall he kept separately and i ~ t ~ l i ~ c d only for the purpose of the scheme. The staff required to execute the sponsored scheme shall be mmited inacwrdance withthe terms and conditions stipulated by the sponsoring Annual accounts and audit 5 1. (1) The AnnualAccounts ofthe University shall be prepared by the Finance Officer under the directions of the executive Council. (2) The accounts of the University, shall be audited every year by certified auditors duly appointed by the executive Council. (3) The annual accounts and the audit reports shall be first approved by the h c e Committee before presented to the Governing and Executive Councils. (4) The Executive Council and the Governing Council, in that order, consider the annual accounts and audit reports and make recommendations in regard thereto for Mer action by theFinance Committee which shall give anActionTakenReport to the Governing and Executive Councils at the earliest. Financial estimates